U.S.-based The RealReal, self-styled “the world’s largest online marketplace for the resale of authenticated luxury goods”, has appointed a company loyalist as its new CEO. Having been with The RealReal since 2011, Rati Sahi Levesque replaced John Konyl just two years after the latter’s arrival. The appointment comes at a time when the platform has revised upwards its performance expectations for the third quarter, which ended at the end of September.
The RealReal prefers “second hand” to first hand.
A philosophy that the San Francisco-based platform also applies to its management…
Company loyalist
The company, which claims to be “the world’s largest online marketplace for the resale of authenticated luxury goods, with 37 million members”, has just appointed Rati Sahi Levesqueas CEO and member of the Board, with immediate effect. She was involved in the company’s creation in 2011.
She replaces John Konyl, who left the company less than two years after taking up the post in January 2023, and no longer sits on the Board. Karen Katz, Chairman of The RealReal Board of Directors, wished him well as he “begins a new chapter and takes time to devote to his family.” This former eBay and Neiman Marcus man had left his position as digital leadership and personalization consultant at Canadian Tire Corporation, a Canadian multi-specialist retailer (sports, leisure, housewares, etc ) to join The RealReal…
The company’s results do not appear to have been the reason for John Konyl’s departure. In the press release announcing this major change in its organizational chart, The RealReal also unveiled preliminary results for the third quarter ended September, exceeding full-year 2024 forecasts for gross market value (GMV), total sales and adjusted EBITDA.”
In-depth knowledge of The RealReal
With the appointment of Rati Sahi Levesque, The RealReal is well equipped to continue to benefit from the growing trend in the second-hand luxury goods market.
A graduate in economics from California’s University of Santa Cruz, Rati Sahi Levesque had previously worked in the financial sector, then as an entrepreneur in the fashion and technology sectors,before embarking on The RealReal adventure.
“This seasoned executive has a proven track record of strategic vision, operational excellence and in-depth business knowledge. “The RealReal underlines this in its press release.
Since the platform’s inception, Rati Sahi Levesque has had the opportunity to get to know its various strands well, holding “leadership positions in many areas of the business, including sales, merchandising, product and technology, operations and marketing”.
“During her 13-year tenure, she has been instrumental in shaping the company’s strategy and positioning it as a leader in luxury goods resale.”
The ideal leader
Since January 2019, she had held the position of President and COO. In 2022, she had already been appointed interim co-CEO for eight months following the resignation of Julie Wainwright, founder and CEO of The RealReal. Prior to that, she had been head of sales at The RealReal for over seven years.
Karen Katz, Chairman of The RealReal Board of Directors, says that Rati Sahi Levesque has not only “worked in all aspects of the business” and “proven herself in operational excellence”. But also that she has “played a pivotal role in formulating and executing the recent strategic changes that have propelled the company to profitability”.
Her “commitment to the brand, as well as her deep understanding of the business, its market opportunities and the luxury resale landscape, make her the ideal executive to lead The RealReal to its next stage of profitable growth” further judges Karen Katz.
A winning formula
Rati Sahi Levesque, for her part, said she was honored to be “the next CEO of The RealReal”. “The luxury resale market is dynamic and growing, and there is a significant opportunity to leverage our powerful brand and valuable community of sellers and buyers to enhance the customer experience and accelerate profitable growth.”
The new CEO believes “passionately” in the “vision, which is to fuel a more sustainable and circular fashion industry by delivering exceptional luxury products to our customers.”
And indeed, the second-hand formula is working well at The RealReal. Sales for the third quarter are expected to come in at $147.8 million, ahead of its previous estimate of between $135 and $142 million. Final results will be announced on November 4.
“The RealReal is well positioned as a leader in luxury resale with significant room for growth. Our strong third-quarter results are an important milestone as we focus on growing our business profitably. “commented Rati Sahi Levesque.
Read also > [INTERVIEW] ReLuxury: Fabienne Lupo reveals the keys to second-hand luxury
Featured Photo: © The RealReal
