Authenticated luxury consignment company The RealReal as of late authorized the $70 million sale of new shares based what Prime Unicorn Index has uncovered on the Delaware stock authorization filing. Should the firm increase the whole amount, it would reach around $1.06 billion total valuations. This will cement its status as the newest unicorn in the e-commerce industry.
Additionally, the company would be the newest addition to the string of high-profile companies founded and led by women to attain unicorn status. It is worth noting that earlier this year, Glossier triplicated its value to $1.2 billion with a $100 million in the early part of 2019. It is succeeded by Rent the Runway with $125 million investment at around $1 billion valuations.
But, the filing made by The RealReal, which was uncovered recently, is not yet definite that is going to sell the total amount of its authorized shares. When asked about its potential fundraising plans, the company prefers not to comment. It can be recalled that the company expanded its physical footprint and launched extra e-commerce centers just recently.
The move was due to the increasing demand for the supply of second-hand luxury products. At present, the San Francisco-based company runs eight luxury consignment stores in the US. These stores serve as the location where customers can get free valuations of their luxury valuables. Founded in 2011, The RealReal is led by its CEO and founder Julie Wainwright.
The CEO, in one of her recent interviews, confirmed that the company will go public sometime soon. Before she founded The RealReal, Julie served as Pets.com’s CEO. The RealReal is directly competing with other second-hand e-tailers Poshmark and ThreaUp. Poshmark is organizing for an initial public offering move this Fall.
It has actually sought the help of experts Morgan Stanley Goldman Sachs and to spearhead the offering after its $150 million revenue in 2018. ThredUp, on the other hand, is another player in the retail fashion market. So far, the company has not yet raised its capital since 2015. As part of its effort to go with other venture-supported second-hand retailers, it started opening brick and mortar stores in 2017.