Luxury consignment or luxury resale is slowly becoming a trend all thanks to The RealReal. Do you ever wonder where the Gucci and Prada products of famous people end up in? Well, asking this question may entail that you are just naturally born curious – or you may be looking for ways to save up on your next luxury brand purchase!
The Idea of Circular Economy
To start things off, a consignment store is where you can find secondhand items for sale. Founder and CEO of TRR or The RealReal have been consigning luxury goods since the year 2011. Back then, the act of consigning was merely an act performed on the second floors of obscure buildings. Now, it is known as a seamless business practice in what we call the “Circular Economy.”
Julie Wainwright explains the process of TRR – She and her team “zap” out any arrant stitchings, an incorrect color of any brass hardware, or hints of “sophisticated fakery.” The aim of The Real Real is to inspect jewelry, carefully weigh metals and stones, and determine the composition of what was advertised for a particular product.
Because of the Etsy-esque style of Alessandro Michele, the creative director of Gucci, the velocity of the said brand is looking good. She even claimed that the garments from even before Mr. Michele’s tenure were surprisingly selling well. In response to this, Julie Wainwright was also surprised at the success of this business practice. She states how everything flows and ebbs. They, Julie Wainwright and her team, at The Real Real, had a moment – and it continues to do so. However, when will this end considering the fact that people are compulsed by the said brand.
In addition, Julie Wainwright allowed us to take a look back at how people were always saying that millennials just don’t love luxury. Well, the truth is, they do love it – it’s just that they cannot afford it. The Real Real is the entry point for those who want to experience a Valentino white bag!
Rati Sahi Levesque, The Real Real’s chief merchant, shared to us their future plans. It includes the continued support and establishment of a multi-level shop at Midtown Manhattan which will feature services complete with tailoring, refurbishment, and it will provide with a personal shopping experience and a paper strip display of those designers who are trending up, and those that are trending down.
Chanel vs. TRR
In November, Chanel sued TRR in federal court for the reason that The Real Real had sold some fake products and had misled the consumers into thinking there is some sort of affiliation between the two. To which TRR replied that they are stopping the circular economy, which is an alternative to the traditional way of economy; the linear approach: make, use, and dispose of.
The beauty in all of these is that there are those that appreciate what TRR is doing, promoting the circular economy and adding value to it. Some of The RealReal’s longest and most loyal clients include Nicole Curran. She is the wife of Joe Lacob, a majority owner of the stocks of Golden State Warriors.
Nicole Curran claims that because of TRR, she is now taking on more risks in terms of wearing garments that are striking, thigh-high boots, gold-sequined, and plenty more! Even her sales manager, Jenna Suhl, loved the idea and overall mission of the TRR. She says that there is something amazing in trying to wear something outside of your comfort zone – something edgier and fun! She claims this statement as she cooed over the pile of luxury items and accessories – Valentino, Gucci, Chanel, and Fendi!