Luxury online and mobile reseller The RealReal announced today that it has partnered with Neiman Marcus: Now when you sell that once-loved Celine bag, you can turn around and use Neiman Marcus credit to buy one that's currently loved. And when you choose the credit option, you get an extra 10% added onto your amount.
The RealReal specializes in authenticating luxury goods, then photographing the items and putting them up for sale on their website. When an item sells, the seller keeps between 60% and 70% of the sale price.
“We learned that over 40% of our consignor-base was interested in receiving their payment in the form of gift cards to their favorite luxury retailers. We’re thrilled that our first luxury retail partner for this program is Neiman Marcus who enabled us to immediately offer this service to our consignors,” said The RealReal founder and CEO Julie Wainwright in a statement.
After about 3.5 years in business, The RealReal has signed on more than 3 million shoppers. In 2014, it made north of $100 million in revenue and sold 500,000+ authenticated luxury goods. In 2015, the company is on track to pay consignors more than $100 million from the resale of their luxury goods. And in April, the company raised an additional $40 million, bringing their total funding to $83 million.
The Neiman Marcus deal is likely the first of several luxury retail partnerships for the luxury reseller. It's a win win: sellers are encouraged to use The RealReal for that extra 10%, and Neiman's gets a new stream of shoppers.
Earlier this year, Neiman's also became The RealReal's first retailer to provide in-store consignment with a pilot program of 6 stores. Today, the companies announced that number has increased to 34 stores nationwide that will provide in-store consignment services.
Read more about how The RealReal works and how it got started in my previous article here!
