The RealReal CEO Julie Wainwright explains how the luxury consignment retailer guarantees the authenticity of each item.
Founded in 2011 by Julie Wainwright, The RealReal is a primarily online marketplace for authenticated luxury goods, selling high-end brands such as Gucci and Cartier. The company employs more than 100 experts to make sure that the luxury goods it puts up are the real deal and not counterfeits. It's a strategy that led the online marketplace to $207.4 million in revenue last year.
"When we look at where we're taking share from and share of wallet, it tends to be the fast-fashion market," Wainwright said in an interview on CNBC's "" on Friday. "Our biggest group of customers and now consignors are now millennials. They're hyper-conscious about sustainability and the impact on the environment of buy-new."
The company has run into problems with some of the luxury brands whose items it regularly sells. In November, Chanelagainst The RealReal claiming the site sold at least "seven counterfeit Chanel handbags." The luxury retailer also said that only it can verify its secondhand goods. The RealReal denied the claims in its filing and said it will "vigorously defend this lawsuit."
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