Luxury consignment retailer The RealReal has announced that its founder, Julie Wainwright, is stepping down from her positions as CEO, chairperson, and board member. Wainwright made the decision to resign on her own accord after serving in leadership for 11 years. The company filed a statement with the Securities and Exchange Commission, clarifying that Wainwright’s departure was not due to any disagreements.
In response to Wainwright’s resignation, the board has appointed Rati Sahi Levesque, the current president and chief operating officer, and Robert Julian, the chief financial officer, as co-interim CEOs. The board is also enlisting the help of a search firm to find a new CEO.
Wainwright will remain with the company as an advisor until the end of 2022. She expressed her pride in the company’s achievements and her confidence in the current management team to execute the company’s vision. Wainwright believes that the time is right for a new generation of leadership to guide The RealReal into its next phase.
Rob Krolik, the lead independent director, praised Wainwright for her visionary leadership and commitment to transforming the luxury resale market. He acknowledged her role in creating a sustainable future for fashion. Krolik also expressed his confidence in Levesque and Julian, stating that their complementary skill sets make them well-suited to serve as co-interim CEOs while the search for a permanent replacement is underway.
Levesque has been with The RealReal since 2011 and has held various positions, including chief merchant and president. Julian brings over 30 years of financial management experience to the company and has been the CFO since 2021.
The RealReal recently reported impressive results for the first quarter, with a 48% increase in total sales and a 31% growth in gross merchandise value (GMV). The company generated $147 million in total sales and $428 million in GMV for the first quarter ending March 31. These strong numbers indicate the company’s continued progress towards profitability.
As The RealReal enters this new chapter with a change in leadership, it remains committed to its mission of creating a more sustainable future for fashion. With a strong management team in place and the search for a new CEO underway, The RealReal is poised to continue its growth and success in the luxury consignment market.
Useful Links:
1. The RealReal
2. Securities and Exchange Commission
