The RealReal (the “Company” or “The RealReal”) (Nasdaq: REAL)—the
world’s largest online marketplace for authenticated, resale luxury
goods—today announced that after 11 years of leadership, its
Founder Julie Wainwright has decided to step down from her role as
Chief Executive Officer (“CEO”), Chairperson and member of the
board of directors (the “Board”) of the Company, effective June 7,
2022. As part of the transition, the Board has appointed Rati Sahi
Levesque, the Company’s President and Chief Operating Officer, and
Robert Julian, the Company’s Chief Financial Officer, as Co-Interim
Chief Executive Officers, effective June 7, 2022.
The Board will retain an executive search firm to commence a
comprehensive search process to identify a new Chief Executive
Officer. To ensure a seamless transition, Ms. Wainwright has agreed
to serve in an advisory role as the Founder through the end of
2022.
"On behalf of the entire Board, I want to thank Julie for her
leadership and commitment to The RealReal,” said Rob Krolik, Lead
Independent Director. “Julie is a true visionary and pioneer whose
passion for sustainable retail and deep e-commerce expertise helped
transform the luxury resale market and create the broader circular
economy for the benefit of consumers across the country.”
On the appointment of Ms. Levesque and Mr. Julian, Mr. Krolik
continued, “Rati and Robert bring complementary skillsets that
together create a powerful combination of operational, financial
and industry expertise. Rati has been with the Company since its
founding and has worked side-by-side with Julie to grow the
business from the ground up, creating our merchandising strategy,
encouraging our sustainability efforts, and managing our
operations. A valuable member of senior management since he joined
The RealReal, Robert’s perspective and leadership have been
instrumental in navigating challenges during the last year. They
are exceptionally well suited to serve as Co-Interim CEOs while the
search for a permanent CEO replacement is underway.”
Rati Sahi Levesque has served as the President of The RealReal
since 2021 and Chief Operating Officer since 2019. She previously
served as the Company’s Chief Merchant from 2012 to 2019. Before
joining The RealReal in 2011, Ms. Levesque was the owner of Anica
Boutique, a fashion and home store.
Ms. Levesque, Co-Interim CEO, commented, “I am honored to be
appointed Co-Interim CEO and look forward to working closely with
Robert, the management team and the Board as we focus on continuing
to grow The RealReal, extend its industry leadership and execute on
Vision 2025. I have been fortunate to work with Julie since our
company’s founding 11 years ago. I am grateful for her leadership,
vision and years of mentorship and friendship as we built The
RealReal to transform the luxury resale market.”
Robert Julian has served as Chief Financial Officer of The
RealReal since 2021 and has over 30 years of financial management
experience, in both public and private companies, ranging in size
from small-cap enterprises to Fortune 100 companies. Prior to
joining The RealReal, Mr. Julian served in various executive
leadership roles at Sportsman’s Warehouse, Deluxe Entertainment
Services, Callaway Golf and Lydall, among others.
Mr. Julian, Co-Interim CEO, commented, “It is a privilege to
serve as The RealReal’s Co-Interim CEO alongside Rati and I am
thrilled to build upon Julie’s legacy at this extraordinary
company. I look forward to continuing to work with The RealReal’s
world-class team and positioning our unrivaled offerings and
innovative platform to capitalize on our bright future ahead.”
“I am deeply proud of the company we have built and am honored
to have worked with a team that champions our founding vision of
creating a more sustainable future for fashion,” said Julie
Wainwright, Founder and CEO. “The RealReal continues to make
progress on its path to profitability, and I feel now is the right
time for the next generation of leadership to guide the company
through its next chapter. I am incredibly thankful for everyone who
has worked tirelessly to support our journey, and I have deep trust
in Rati, Robert and the rest of our management team to execute on
Vision 2025.”
About The RealReal, Inc.The RealReal is the world’s largest
online marketplace for authenticated, resale luxury goods, with
more than 27 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 19 retail locations, including our 16 shoppable
stores, customers can sell, meet with our experts and receive free
valuations.
Investor Relations Contact:Caitlin HoweVice President, Investor
RelationsIR@therealreal.com
Press Contact:Erin SantyHead of
Communicationspr@therealreal.com
Forward Looking StatementsThis press release contains
forward-looking statements relating to, among other things, the
future performance of The RealReal that are based on the company’s
current expectations, forecasts and assumptions and involve risks
and uncertainties. In some cases, you can identify forward-looking
statements by terminology such as “may,” “will,” “should,” “could,”
“expect,” “plan,” anticipate,” “believe,” “estimate,” “predict,”
“intend,” “potential,” “continue,” “ongoing” or the negative of
these terms or other comparable terminology. These statements
include, but are not limited to, statements about future operating
and financial results, including our strategies, plans,
commitments, objectives and goals, in particular in the context of
the impacts of the COVID-19 pandemic, and our financial guidance,
timeline to profitability, 2025 vision and long-range financial
projections. Actual results could differ materially from those
predicted or implied and reported results should not be considered
as an indication of future performance. Factors that could cause or
contribute to such differences include, but are not limited to, the
impact of the COVID-19 pandemic on our operations and our business
environment, any failure to generate a supply of consigned goods,
pricing pressure on the consignment market resulting from
discounting in the market for new goods, failure to efficiently and
effectively operate our merchandising and fulfillment operations,
labor shortages and other reasons. More information about factors
that could affect the company's operating results is included under
the captions “Risk Factors” and “Management's Discussion and
Analysis of Financial Condition and Results of Operations” in the
company's most recent Annual Report on Form 10-K for the year ended
December 31, 2021 and subsequent Quarterly Reports on Form 10-Q,
copies of which may be obtained by visiting the company's Investor
Relations website at https://investor.therealreal.com or the SEC's
website at www.sec.gov. Undue reliance should not be placed on the
forward-looking statements in this press release, which are based
on information available to the company on the date hereof. The
company assumes no obligation to update such statements.
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