The fashion consignment marketplace announced a net loss of $38.3 million for the first quarter on Wednesday, as restrictions implemented to slow the spread of Covid-19 disrupted the company’s operations.
The online marketplace announced its preliminary Q1 results on Tuesday, reporting an expected rise of 15% in GMV and revealing measures being implemented to deal with the effects of the ongoing Covid-19 crisis.
The luxury consignment marketplace reported a 57% increase in Q4 revenues on Tuesday and announced the upcoming opening of its brick-and-mortar store in San Francisco, as well as plans for a further location in Chicago.
Digital-first resale platform The RealReal has identified maximalism and sustainability as two of the biggest trends on the second-hand fashion market in the 2010s, with Supreme claiming the title of most valuable brand.
In response to the challenge issued by Gucci CEO Marco Bizzarri, the digital-first luxury consignment marketplace has announced that it is accelerating its sustainability plans and now aims to be carbon neutral by 2021.
In a fashion industry more focused on recycling than ever before, more and more brands are launching initiatives to facilitate this and keep their products out of landfill and Burberry has unveiled a RealReal link-up.
According to the latest report from luxury consignment platform TheRealReal, Gucci currently leads the pack when it comes to resale, while streetwear has kept its cool and logomania is conquering new categories.