The luxury consignment marketplace reported that orders reached 550,084 in the quarter, a 9 percent quarter-over-quarter improvement and a 5 percent year-over-year decline. Average order value was $446, marking a 2 percent year-over-year increase.
The RealReal reported $245.4 million in gross merchandise value (GMV), marking a 17 percent quarter-over-quarter improvement and a 3 percent year-over-year decrease.
“Improving trends in New York City and Los Angeles, momentum with virtual appointments and continued strength in the The RealReal B2B vendor program improved our ability to source supply in Q3 and contributed to improving quarter over quarter GMV trends,” The RealReal CEO Julie Wainwright said in the announcement. “We were pleased with our GMV performance in Q3 despite the difficult Y/Y comparison and continued COVID headwinds.”
Supply trends improved meaningfully quarter over quarter, with overall supply units shipped to the firm’s online commerce facilities improving roughly 32 percent quarter over quarter and rising 3 percent year over year in Q3.
On National Consignment Day in early October, the company unveiled a partnership with Gucci to roll out an eCommerce store showcasing pre-owned Gucci products and foster circularity for high-end fashion.
“Together we’re shining a global spotlight on resale that we hope will encourage all consumers to support the circular economy and join us in reducing fashion’s carbon footprint,” Wainwright said in the announcement.
The company said that consignment with The RealReal has saved 756 million liters of water and 16,105 metric tons of carbon from its beginning up to Sept. 30.
The RealReal reported $395.2 million in cash, cash equivalents and short-term investments at the close of Q3.
As for its overall results, The RealReal reported non-GAAP basic and diluted net loss per share of 41 cents on total revenue of $78.1 million.
The company reported $64.4 million in consignment and service revenue, marking a 15 percent quarter-over-quarter improvement and a 7 percent year-over-year fall.