The RealReal, a luxury fashion resale platform, has announced that its founder, Julie Wainwright, is stepping down from her role as CEO and Chairwoman after 11 years at the helm of the company.
“I am extremely proud of the company we have built and honored to have worked with a team that supports our founding vision of creating a more sustainable future for fashion,” Wainwright said in a statement.
Wainwright founded The RealReal in 2011 in her San Francisco home. The company, which has been at the forefront of the burgeoning second-hand fashion industry in recent years, went public in 2019.
way back to profitability
But the company has faced challenges lately. Last year it reported a net loss of $236 million, up from $176 million a year earlier.
In May, the company reported a loss of $57 million for the first quarter, compared to a loss of $56 million in the same period last year — despite a 48 percent decline Increase in revenue to US$147 million (about €137 million).
However, Wainwright said on Tuesday that The RealReal “continues to make progress towards profitability” and she believes it is “the right time for the next generation of leaders to lead the company through its next chapter”.
President and Chief Operating Officer Rati Sahi Levesque and Chief Financial Officer Robert Julian will step in as co-interim Chief Executive Officers while a permanent Chief Executive is sought. Wainwright will remain with the company in an advisory role through the end of 2022 to “ensure a seamless transition.”
The RealReal today has more than 27 million members and has 19 retail locations worldwide.
This translated post previously appeared on FashionUnited.uk.