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Thursday, February 7, 2019
Luxury online reseller The RealReal in talks with banks for IPO: sources
Business
U.S. online luxury reseller The RealReal
Inc is talking to investment banks about the possibility of an initial
public offering (IPO) later this year, people familiar with the matter
said on Friday.
FILE PHOTO: Luxury handbags for sale are displayed at The RealReal shop,
a seven-year-old online reseller of luxury items on consignment in the
Soho section of Manhattan, in New York City, New York, U.S., May 18,
2018. REUTERS/Mike Segar
REUTERS: U.S. online luxury reseller The RealReal Inc
is talking to investment banks about the possibility of an initial
public offering (IPO) later this year, people familiar with the matter
said on Friday.
The company - which specializes in online
secondhand luxury apparel and goods - has sent out a request for
proposals to prospective advisors and underwriters to manage the listing
this year, said the sources, who asked not to be identified because
they were not authorized to speak publicly.
The RealReal declined to comment.
In July last year, The
RealReal raised US$115 million of private funding in a deal led by
Perella Weinberg Partners, with additional participation from new
investor Sandbridge Capital and existing investor Great Hill Partners.
The deal valued the company at US$745 million, according to data
provider PitchBook.
Since then, the company, which was founded in
2011, has focused on expanding its brick-and-mortar presence with
outlets in new areas and more online fulfillment centers.
The
RealReal's success is built on a profitable mix of the boom in
e-commerce, the millennial interest in the price and environmental
benefits of recycled clothing, and the caution of established high-end
brands about what selling their wares on the web can do to brand value.
Fellow e-commerce platform Farfetch went public in last September at
the top of its target IPO price range, raising US$885 million.
(Reporting by Joshua Franklin and Harry Brumpton in New York; Editing by Sonya Hepinstall)
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