TheRealReal, Inc. (NASDAQ: REAL)

TheRealReal, Inc. operates as the world's largest online marketplace for authenticated, resale luxury goods. The company revolutionizes luxury resale by providing an end-to-end service that unlocks supply and creates a trusted, curated online marketplace for buyers globally. Since its inception, TheRealReal has cultivated a loyal and engaged consignor and buyer base through continuous investment in its technology platform, logistics infrastructure, brand, and people. The company offers a wide selection of authenticated, primarily pre-owned luxury goods from thousands of luxury and premium designers, with top-selling brands including Cartier, Chanel, Christian Dior, Gucci, Hermès, Louis Vuitton, Prada, Rolex, Saint Laurent, Tiffany & Co., Van Cleef & Arpels, and Bvlgari. TheRealReal's product categories span women's fashion, men's fashion, jewelry, and watches.

TheRealReal generates revenue through a commission-based model, earning a percentage of each sale facilitated on its platform. The company's primary products and services include the authentication, listing, and sale of luxury goods, as well as the provision of consignment services to individuals and businesses. The customer base comprises both consignors, who sell their luxury items through the platform, and buyers, who purchase these authenticated goods. TheRealReal's technology-driven approach enables it to efficiently match supply with demand, optimizing sales velocity and commissions for consignors.

• Online Marketplace: TheRealReal's core business segment is its online marketplace, which offers a vast, curated selection of authenticated, pre-owned luxury goods. The platform leverages proprietary technology and data analytics to provide a seamless consignment experience for both consignors and buyers. The marketplace caters to a global audience of luxury goods enthusiasts, offering products from top luxury brands such as Cartier, Chanel, and Louis Vuitton. The company's online marketplace is accessible via its website and mobile app, providing a convenient shopping experience for buyers.

• Retail Stores: In addition to its online marketplace, TheRealReal operates neighborhood retail stores and flagship stores in key locations such as San Francisco, Los Angeles, and New York. These stores typically range from 1,800 to 10,000 square feet and offer a selection of items reflecting the company's online assortment. The retail stores serve as consignment drop-off points and provide an in-person shopping experience for buyers, enhancing brand awareness and driving overall market growth.

TheRealReal holds a strong position within the luxury resale industry, competing with a variety of vendors of new and pre-owned luxury goods. Key competitors include branded luxury goods stores, department stores, traditional brick-and-mortar consignment stores, pawn shops, auction houses, specialty retailers, discount chains, independent retail stores, and other technology-enabled marketplaces. The company's competitive advantages lie in its strong market positioning, diverse category and brand offerings, rich data and technology, and advanced authentication capabilities. TheRealReal's full-service, multi-channel approach provides consignors with convenient consignment options and buyers with a trusted platform for purchasing authenticated luxury goods.

TheRealReal's customer base includes a diverse range of individuals and businesses involved in the luxury goods market. Consignors range from first-time sellers to repeat consignors, with over 80% of the company's gross merchandise value (GMV) in 2025 coming from repeat consignors. Buyers also exhibit high repeat purchase behavior, with over 80% of GMV coming from repeat buyers. The company's ability to attract and retain both consignors and buyers is a testament to its trusted platform and seamless service offerings. TheRealReal's customer base spans various demographics, united by their interest in luxury goods and the company's commitment to authenticity and sustainability.