The RealReal Inc.

The RealReal is the largest luxury resale platform in the U.S., generating $1.48 billion in 2021 gross merchandise volume and addressing a niche (personal luxury resale) that had previously been serviced by inefficient upscale boutiques and local pawn shops. The firm generates revenue via consignment and first-party sales on its online marketplace, and through direct sales across its brick-and-mortar footprint. With a hands-on approach that actively sources inventory and authenticates every item on its platform, The RealReal is able to justify much higher take rates than peers, working out to roughly 25% of gross merchandise value (or 35% of net merchandise value, which excludes returns, cancellations, and first-party sales).