The RealRealREAL
About: The RealReal is the largest pure-play luxury resale platform in the us, generating $1.7 billion in 2023 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 34% of net merchandise value, which excludes returns, cancellations, and first-party sales.
Employees: 3,032
Fund manager confidence
Based on 2024 Q4 regulatory filings by fund managers ($100M+ AUM)
479% more call options, than puts
Call options by funds: $112M | Put options by funds: $19.3M
260% more capital invested
Capital invested by funds: $231M [Q3] → $832M (+$601M) [Q4]
181% more first-time investments, than exits
New positions opened: 59 | Existing positions closed: 21
167% more funds holding in top 10
Funds holding in top 10: 3 [Q3] → 8 (+5) [Q4]
19% more funds holding
Funds holding: 155 [Q3] → 184 (+29) [Q4]
1.86% more ownership
Funds ownership: 67.79% [Q3] → 69.65% (+1.86%) [Q4]
7% less repeat investments, than reductions
Existing positions increased: 50 | Existing positions reduced: 54
Research analyst outlook
2 Wall Street Analysts provided 1 year price targets over the past 3 months
2 analyst ratings
Northland Capital Markets Robert Brooks 50% 1-year accuracy 1 / 2 met price target | 94%upside $12.50 | Outperform Maintained | 17 Dec 2024 |
Wells Fargo Ike Boruchow 48% 1-year accuracy 23 / 48 met price target | 132%upside $15 | Overweight Upgraded | 9 Dec 2024 |
Financial journalist opinion
Based on 6 articles about REAL published over the past 30 days
