The RealReal, Inc. Common Stock

The RealReal is the largest pure-play luxury resale platform in the us, generating $1.7 billion in 2023 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 34% of net merchandise value, which excludes returns, cancellations, and first-party sales. Show Less