The RealReal, a US-based second-hand luxury items reseller backed by telecommunications firm Novel Group, is gearing up for an initial public offering this year, Reuters reported on Friday.
The company has sent out a request for proposals to potential underwriters and advisers for an offering, people familiar with the matter told the news agency. The RealReal has not released an official statement.
Founded in 2011, The RealReal operates an online marketplace and brick-and-mortar stores that resell authenticated luxury goods ranging from handbags, jewellery, shoes and clothing to watches, art and furniture.
The company employs more than 90 experts, such as horologists and art curators, who authenticate and value each item. It charges between 15% to 60% in commission depending on an item’s value, and applies a discount once a consignor’s annual net sales exceed $1,500.
The RealReal has raised $288m to date and was valued at $745m as of its last round, a $115m series G in July 2018 led by asset management firm Perella Weinberg Partners through its PWP Growth Equity unit, with participation from Sandbridge Capital and Great Hill Partners.
Novel TMT Ventures, the investment arm of Novel Group, took part in a $14m series B round for the company in 2013 alongside Canaan Partners, E.Ventures, Greycroft, Panarea Capital and private investors Suzy Welch and Sukhinder Singh Cassidy.
The RealReal’s shareholders also include Greenspring Associates, Broadway Angels, NextEquity Partners, Springboard Fund, InterWest Partners, DBL Partners and Industry Ventures.
– Image courtesy of The RealReal.
