Q: Did you have knowledge of consignment business previously? Or were you just a shopper?
Second-hand shopping has grown in the last decade as consumers have learned more about the dangerous consequences of fast fashion. But, the customer knowledge has been equally met by luxury second-hand businesses who have developed specific steps in ensuring certification, authenticity, and condition. One front runner in the field of luxury second-hand fashion is The RealReal. With their tried and true team of authenticators, vast marketplace of designer goods, and key focus on customer satisfaction, they have gained a designated group of second-hand designer devotees. The one woman behind all of this pre-worn magic is just as interesting. When asked if she was scared of failing, jumping into an industry she knew nothing about at such a late age, Julie Wainwright, Founder and CEO of The Real Real smiled coyly. “I’m not scared of failing, because I have already failed so publicly, that it can’t be any worse.”By her mid 50’s, Wainwright had had multiple successes as a CEO, and a few failures, but ultimately decided it was time for her second act. Wainwright founded The Real Real, an online marketplace for authenticated luxury consignment, in 2011. The idea was planted in her head after shopping with a friend. The two entered a luxury consignment boutique and in the span of 20 minutes, Wainwright’s companion had spent thousands on second-hand pieces. A business light bulb lit in Wainwright’s mind and the next chapter of her professional career began.
A: “Neither. I’m a business person, I have knowledge of business and e-commerce, and this is an e-commerce business. The fashion industry so often gets cut off as frivolous or unimportant, but there is real logistics that go into crafting a business from start to finish. Fashion, and luxury consignment for that matter, is no different.” Q: What do you see for the future of consignment in the fashion industry? Is it becoming the new norm? A: “Second-hand shopping has already become the new normal! There will always be a demand for luxury goods, and resale provides products at a better price point. The connection is clear, especially with the insight on sustainability in fashion. The RealReal prides itself on giving luxury, designer pieces a second life.”
Q: Can you speak to the diversity within your company?
A: “The RealReal is made up of about ⅔ women, with a large majority being people of color. We place a grave importance on equal opportunity in the workplace, and a majority of that ideology comes from my prior experiences in corporate America. I wanted The RealReal to reflect the Real world, a world that is made up of very different people and ideas.”
Q: What advice do you have to students who are worried about failure?
A: “There are ups and downs in any decision. But, I like to think of success in relation to baseball. Some of the best baseball players have a batting average of .33, meaning they failed 67% of the time. Yet when they come up to bat, people still look at them as the greatest. Success is relative, and hard work pays off at the plate.”
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