If you have ever wondered about the life cycle of high-end designer clothing, they usually end up staying in the back of their owner’s closets until they are old enough to be discarded. However, there is an alternative that currently exists for those who want to sell their goods that are still in good condition and is one that is taking the retail industry by storm.
Meet Julie Wainwright, a businesswoman who is giving new life to old designer clothing. Currently, Wainwright stands as the CEO of The RealReal, a business that is based on the exchange of luxury designer items. The company first came into existence in 2011 and since then has managed to create a mark on this industry, and has emerged as one of the biggest names in the luxury consignment business. Wainwright stands at the top of the company as the fierce leader who is changing the pace at which luxury goods change hands.
Building Around The Luxury Market
Wainwright idea for The Real Real stemmed from a few economic principles that currently outline the fashion industry, namely the thought that all goods tend to have a cyclic effect. When luxury goods are first bought, their owners tend to spend a good amount of time and effort to make sure that they are kept in good condition. These goods are either bought to be worn or just as a statement of power. After several years, these goods tend to decline in value, and generally end up either getting thrown away or end up as donations. The idea that the company was based on was to add an initial step in this entire cycle so as to prolong the lifespan of the goods, and so that they can be used by those who truly do want it.
Helping Fashion Enthusiasts Stay Up To Date
More often than not, those who can afford to regularly splurge on luxury items tend to like staying up to date with the latest trends in the fashion industry. Often, this means that they find something that they like, use it once or twice, and then discard it or never really think about it. They then go on to find something else that is in season and repeat the cycle all over again. By having a place wherein they can sell their clothing and get a portion of the money that they spent back, they can get more of what they want, and not have to worry about hoarding too many things that they don’t wear.
A company like The Real Real has also provided a great opportunity to those who want to own luxury items, but don’t want to spend too much on it. Because of the people belonging to the former category, the goods coming into The Real Real are generally in top condition and don’t seem like they have actually been used before. Those who want to own these luxury items then have the pleasure of picking through an extensive collection and can get something that they like, for a reduced cost.
High Standards For Quality
One of the essentials that Wainwright wanted to set up for the company was a unit that was able to properly assess every item that came in. For Wainwright, it was incredibly important that the goods put out by The RealReal had to be authentic and not good knockoffs. A Gucci bag, for example, should be an original Gucci and not something that was created to mimic the real deal. Wainwright was able to aptly execute this idea through the establishment of specific labs that go over every item and thoroughly inspect whether they are what they claim to be, or not.