Luxury consignment marketplace The RealReal is expanding its mobile footprint today with the launch of a new app called RealBook, which lets both potential buyers and sellers better understand the value of luxury items, including fashion and apparel, fine jewelry and watches. RealBook now joins the company’s previously launched smartphone apps, The RealReal’s mobile shop and Consign.
Now on track to $125 million in revenue by end of this year, The RealReal is one of the top online marketplaces for luxury consignment and designer goods. To date, it has sold over 500,000 items from more than 500 brands, the company tells us. This has allowed the team to gain a deep understanding of the price trends across the industry, in terms of what items are really worth, and how well they’ll resale when current owners are ready to let them go.
On The RealReal, items will resale anywhere from 10 percent to 90 percent of the original retail price, which is a wide range. But when you narrow it down by brand, the figures become more exact. For instance, Hermes accessories are generally 30 percent off retail; David Yurman is 45 percent off retail; Alaia is 55 percent off retail; and Jimmy Choo is 65 percent off retail, to give you an idea.
Meanwhile, The RealReal found that some brands hold their value longer, including Chanel, Louis Vuitton, Hermes, Christian Louboutin, Cartier, David Yurman, Alaia, Van Cleef & Arpels, and Goyard. But it also calls out others for losing their value the quickest, like Valextra, Tod’s, Versace, and Etro.
And it’s been able to spot brands that have a surprisingly low resale value, like Marni, Alexander Wang, 3.1 Philip Lim, and Marc Jacobs, or high value, like Givenchy, Victoria Beckham, Charlotte Olympia, and Alexander McQueen.
With the launch of the RealBook, which the company refers to as a kind of “Kelley Blue Book” type service, the idea is to now pass along these insights and other data to potential customers.
The tool allows you to view and sort thousands of products by their resale prices, save your favorites, receive resale pricing updates, share products across social media, and, of course, shop. But RealBook isn’t just for figuring out how to price an item you’re reselling, or whether or not something you see listed is under- or overpriced – it can also help luxury item buyers before they shop.
Since many customers see their designer items as investments of a sort, RealBook can help them determine if the item under consideration will sell well in the future.
Today, The RealReal says it’s now processing 40,000 luxury goods per month across its website and mobile apps, where a team of authenticators, horologists, gemologists and art curators help to verify the quality and authenticity of the incoming shipments. Consigners then receive up to 70 percent of the resale price.
The new RealBook app, The RealReal’s first on iPad, is a free download here.