The luxury resale platform’s CEO John Korryl spoke with BoF exclusively about new revenue streams, consignment updates and other ways of reaching profitability after a decade of losses.
Apps like Rally and Otis have formed with similar missions of 'democratising' the art world through co-ownership and investment. Offering users the chance to invest in 'cultural artefacts,' however, may be risky.
Tapestry and Capri have both struggled to form groups that can compete on a global scale.
In an email sent to customers, Chief Executive Julie Wainwright acknowledged that spotting fakes isn’t an exact science.
Julie Wainwright, Patrick Starrr, Liya Kebede and Dan Widmaier are the latest names to join an exciting and inspirational group of speakers at BoF's Annual Gathering for Big Thinkers to be held in Oxfordshire, UK in November.
Shares rose 20 percent after the luxury goods reseller posted a narrower net loss than expected, and revenues rose 51 percent to $71 million.
The shares opened at $28, above their initial public offering price of $20.
The luxury reseller made its stock market debut selling 15 million shares for $20, with the company valued at around $1.6 billion.
The company’s IPO filing reveals its big ambitions - and hints at how expensive it will be to reach those goals.
Luxury brands have long insisted that selling products second-hand weakens brand value and encourages counterfeiting. But getting into the game may be worth the associated risk.
High-end re-commerce sites like The RealReal and Vestiaire Collective do big business, but the luxury resale market faces challenges ahead.
The RealReal could be ready IPO within two years, when it expects the value of goods sold on the site to reach $1 billion annually, and is also in talks with LVMH and Kering over potential partnerships.
The seasoned executive has built one of the most successful consignment businesses, which has raised $288 million in funding.
The administrators said the retailer’s 541 known unsecured creditors are owed at least £35.6 ($44.2 million) but are unlikely to collectively receive more than £800,000 ($996,000), or “less than a penny in the pound.”
President Biden signed the bill that gives China-based ByteDance 270 days to divest TikTok’s US assets or face a ban.
The Alphabet Inc. company said in a blog post Tuesday that it’s still working with the ad industry and regulators on the plan.
Overall revenues for the three months through March totalled 818 million euros ($874 million), above a company-provided analyst consensus of 786 million euros.
Embattled by weak demand and currency issues in Nigeria, the company is looking to slim down in order to return to growth.
EU lawmakers backed the Corporate Sustainability Due Diligence Directive by 374 votes to 235 against, with 19 abstentions.
Amazon “significantly restricted consumers’ freedom of choice” by automatically pre-setting a ‘Subscribe and Save’ option, the regulators said.
The closure is part of the company's plan to raise $850 million to $1 billion and help improve its credit metrics, said chief executive officer Alejandro González.
