The RealReal Expands Consignment, Paves Path to More Sustainable Future
October 04 2021 - 9:00AM
The RealReal (Nasdaq: REAL)—the world’s largest online marketplace
for authenticated, resale luxury goods—founded National Consignment
Day to raise awareness of the importance of resale in creating a
more sustainable future for fashion and to drive shoppers to take
action by recirculating items they no longer wear. To honor the
holiday this year, the company is making luxury consignment easier
and more expansive than ever before.
Fashion is one of the top polluting industries,
contributing 10 percent of the world’s total carbon footprint.
Clothing production has approximately doubled in the last 15 years
to 80 billion garments per year. A garbage truck’s worth of
textiles is landfilled or burned every second, even though 95
percent of trashed clothes could be re-worn, recycled or
reused.
“It’s time to get real about the future of
fashion. If the industry continues on its current trajectory, its
share of the world’s carbon footprint could jump to 26 percent by
2050 and it will miss the 1.5-degree pathway laid out by the Paris
Climate Accord by more than 50 percent,” said Julie Wainwright,
founder and CEO of The RealReal. “Recirculating just one in five
items would put the industry on track to achieve that goal.
Consigning is something everyone can do to make a difference. We’re
making it easier than ever to join the circular fashion movement
and it couldn’t come at a more critical time for the health of the
planet.”
Today, on the fifth annual National Consignment
Day, The RealReal is launching four new circular initiatives to
more significantly reduce fashion’s impact:
Expanding Luxury Consignment To
Additional Categories With the introduction of luxury
sports and outdoor gear, collectibles and electronics, The RealReal
now gives its consignors the ability to sell a broader assortment
of items than any other luxury resale marketplace.
Increasing Selling Flexibility With Buy
Up FrontThe RealReal gives consignors more choice than
ever before on how they want to sell: consign, trade or get paid
instantly for items they recirculate. Its Get Paid Now program
offers on-the-spot payments across a wide range of brands and
items, expanding nationally next week.
Teaming Up With Luxury Fashion Leader
Mytheresa To Drive Recirculation in U.S.The RealReal has
joined forces with leading global luxury fashion e-commerce
platform Mytheresa to drive resale engagement among its rapidly
growing U.S. customer base. Mytheresa will reward both its
customers and The RealReal’s with shopping credit for recirculating
their bags and supporting the circular economy.
“We are excited about the opportunity to be part
of The RealReal’s consignment community. We strongly believe that
it is important for us to strengthen circularity as part of the
fashion ecosystem and to offer something special to our customer
base in the U.S.,” said Heather Kaminetsky, Mytheresa President,
North America.
Launching Circular ReSource
LabAn important part of the conversation about driving
circularity in fashion is addressing the vast amount of items that
can’t live on in their current state. Today, The RealReal is
launching Circular ReSource Lab, an innovation lab where it will
test, learn and share to create impactful solutions to the fashion
waste crisis. As with all of the company’s sustainability work, it
will focus on three core pillars:
- Reimagine: giving pieces damaged
beyond repair a new life
- Revive: bringing well-loved pieces
back to life
- Resell:
designing to last and recirculating
The RealReal’s ReCollection upcycling program is
now led through the Circular ReSource Lab, which will be releasing
ReCollection 02 this holiday season. This zero-waste collection was
created from damaged pieces, designed by The RealReal and upcycled
in New York City.
About The RealReal Inc.The
RealReal is the world’s largest online marketplace for
authenticated, resale luxury goods, with more than 23 million
members. With a rigorous authentication process overseen by
experts, The RealReal provides a safe and reliable platform for
consumers to buy and sell their luxury items. We have hundreds of
in-house gemologists, horologists and brand authenticators who
inspect thousands of items each day. As a sustainable company, we
give new life to pieces by thousands of brands across numerous
categories—including women's and men's fashion, fine jewelry and
watches, art and home—in support of the circular economy. We make
selling effortless with free virtual appointments, in-home pickup,
drop-off and direct shipping. We do all of the work for consignors,
including authenticating, using AI and machine learning to
determine optimal pricing, photographing and listing their items,
as well as handling shipping and customer service. At our 18 retail
locations, including our 15 shoppable stores, customers can sell,
meet with our experts and receive free valuations.
Press Contacts:
The RealRealErin SantyHead of
Communicationspr@therealreal.com
MytheresaSandra RomanoHead of Global
Communicationsandra.romano@mytheresa.com
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