- Danielle Wightman-Stone |
The RealReal, the authenticated luxury consignment company, has announced that it has closed a 50 million dollars growth equity financing from private equity firm Great Hill Partners, as it looks to fuel company growth and expansion.
The new funding will be used to expand the company's operations and category expertise, and to expand its luxury consignment offices and retail concepts, said the firm.
This latest round of financing brings The RealReal’s total funding to 173 million dollars, and will also see Great Hill Partners managing partner Michael Kumin joining The RealReal’s board of directors.
"Six years in, The RealReal continues to expand in exciting ways and this incremental capital will be instrumental in supporting the business and our continuous growth," said The RealReal chief executive and founder Julie Wainwright.
Kumin added: "The RealReal has established itself as an innovator in the luxury category delivering significant value to both consignors and buyers. We are excited to work with Julie and The RealReal's talented management team, leveraging Great Hill's experience in helping scale leading e-commerce companies."
Founding in 2011, The RealReal has reinvented the luxury resale market and changed the way people think about and consume luxury goods as it provides the largest selection of pre-owned authenticated luxury items including women's and men's fashion, fine jewellery, watches, fine art, and home pieces.
In 2017 alone, The RealReal is expected to pay consignors nearly 300 million dollars from the resale of their luxury items, the majority of which, they will spend back in the primary market, continuing the luxury lifecycle.