The RealRealREAL
About: The RealReal is the largest pure-play luxury resale platform in the US, generating $1.8 billion in 2024 gross merchandise volume and addressing a niche (personal luxury resale) that had previously been serviced by inefficient upscale boutiques and local pawn shops. The company generates revenue via consignment and first-party sales on its online marketplace, and through a small volume of direct sales. 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 36% of net merchandise value in 2024, which excludes returns, cancellations, and first-party sales.
Employees: 3,011
Fund manager confidence
Based on 2024 Q4 regulatory disclosures by fund managers ($100M+ AUM)
479% more call options, than puts
Call options by funds: $112M | Put options by funds: $19.3M
267% more capital invested
Capital invested by funds: $229M [Q3] → $840M (+$611M) [Q4]
167% more funds holding in top 10
Funds holding in top 10: 3 [Q3] → 8 (+5) [Q4]
150% more first-time investments, than exits
New positions opened: 60 | Existing positions closed: 24
21% more funds holding
Funds holding: 155 [Q3] → 188 (+33) [Q4]
3.14% more ownership
Funds ownership: 67.11% [Q3] → 70.25% (+3.14%) [Q4]
9% less repeat investments, than reductions
Existing positions increased: 51 | Existing positions reduced: 56
Research analyst outlook
1 Wall Street Analyst provided 1 year price targets over the past 3 months
1 analyst rating
UBS Kunal Madhukar 0% 1-year accuracy 0 / 2 met price target | 64%upside $9 | Neutral Maintained | 26 Feb 2025 |
Financial journalist opinion
