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Online Luxury Consignment Retailer The RealReal Opens 18th Physical Shop; Rolex A Top Seller October 06, 2021 (0 comments)


Palm Beach, FL—Shoppers strolling along tony Worth Avenue in Palm Beach now have an opportunity to snag some coveted secondhand luxury goods at a discount. The RealReal, the online luxury resale site that has been making brick-and-mortar inroads in some of the nation’s top luxury shopping spots, recently opened its second Florida outpost on the famous upscale shopping strip. The new store is the resale company’s 18th brick and mortar location and its second in Florida (its other Florida store is in Miami). The in-person locations offer both shopping and selling services.

This article in the Sun Sentinel highlights the company’s growth, and how it became a top purveyor of secondhand designer goods, fine jewelry, and watches. From the article:

The RealReal was started by founder and CEO Julie Wainwright in her home 10 years ago. According to the company’s website, she would make visits to consignors with a U-Haul in those early days. Her goal is to make luxury sustainable, saving 976 million liters of water and 20,200 metric tons of carbon so far.

Rebekah DiGregorio, who heads the new Palm Beach RealReal store, told the Sun Sentinel that luxury watches are a top category for both men and women shoppers, with one unisex Rolex Datejust model in particular (top image) being a best-seller. Not surprisingly, it fetches a good price—the secondhand version sells for $9,495 on The RealReal, only about 21% less than the $12,000 price tag of a new one. Cartier fine jewelry also is a top-selling brand. Meanwhile, the retailer is running a special jewelry consignment promotion for the month of October, offering 75% on designer pieces that sell for more than $995.

DiGregorio also explained that resale actually supports the primary luxury retail market. “Our recent 2021 Luxury Shopper Insights Study revealed that more than 90% of our customers regularly shop in department stores, and they’re checking The RealReal first as a barometer for resale value before making a purchase on the primary market,” she told the paper.

The RealReal employs a team of brand authenticators who not only receive training from the company but often join The RealReal after stints at top luxury brands or auction houses. 

Luxury resale has been on a steady upswing for a decade, but growth shot up during COVID. Jewelry and watches in particular are leading the growth, but fashion is an important category as well, especially for consumers concerned about sustainability.

Related: Luxury Resale, Including Jewelry And Watches, Rocketed In 2020

Resale is certainly not a trend that will go away, and we expect the number of people engaging in the circular economy to only grow, especially as consumers recognize its importance in combating fashion’s waste and pollution problem,” DiGregorio told the Sun-Sentinel. But it’s not just fashion, she said. “We were founded with the goal of extending the life of luxury goods, and that means accepting and carrying all categories in our stores.”

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