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The RealReal files for IPO

By Huw Hughes


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Luxury secondhand platform The RealReal has filed for an initial public offering (IPO) and is looking to raise 100 million dollars.

According to filings with the Securities and Exchange Commission, the San Francisco-based company intends to list on the Nasdaq under the ticker symbol ‘Real”. The company, which specialises in the resale of luxury items, currently operates both online and through brick-and-mortar stores in New York and Los Angeles. The sustainable luxury site specialises in the re-sale of luxury clothing, jewellery and watches from brands such as Gucci, Hermes, Prada and Louis Vuitton.

Founded in 2011, The RealReal is now considered one of the most successful marketplaces for second hand luxury items. The company raised 115 million dollars last year, a deal which valued it at 745 million dollars, according to PitchBook. Investors in the company include Great Hill Partners, Canaan Partners and PWP Growth, which have stakes of 14.7 percent, 13 percent and 11 percent, respectively.

For the year ended December 31, 2018, revenues at the company were 207.38 million dollars, a 55 percent year-on-year increase from 133.87 million dollars in 2017, while net losses were at 75.77 million dollars, a 44 percent increase from a 52.31 million dollar net loss in 2017.

Credit Suisse, Bank of America Merrill Lynch, UBS Investment Bank, KeyBanc Capital Markets, Stifel, Cowen and Raymond James have been named as the underwriters to the IPO.

Photo: The RealReal LA store, courtesy of the brand

The RealReal