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 2025 Q1 regulatory disclosures by fund managers ($100M+ AUM)
197% more call options, than puts
Call options by funds: $26.9M | Put options by funds: $9.08M
67% more first-time investments, than exits
New positions opened: 50 | Existing positions closed: 30
48% more repeat investments, than reductions
Existing positions increased: 80 | Existing positions reduced: 54
11.38% more ownership
Funds ownership: 70.25% [Q4 2024] → 81.63% (+11.38%) [Q1 2025]
9% more funds holding
Funds holding: 188 [Q4 2024] → 204 (+16) [Q1 2025]
42% less capital invested
Capital invested by funds: $840M [Q4 2024] → $489M (-$350M) [Q1 2025]
50% less funds holding in top 10
Funds holding in top 10: 8 [Q4 2024] → 4 (-4) [Q1 2025]
Research analyst outlook
1 Wall Street Analyst provided 1 year price targets over the past 3 months
1 analyst rating
UBS Kunal Madhukar | 29%upside $7 | Neutral Maintained | 9 May 2025 |
Financial journalist opinion
Based on 4 articles about REAL published over the past 30 days
