TRR Leads the Way to a More Circular Future and Becomes First Carbon Neutral Resale Company
SAN FRANCISCO, April 22, 2021 (GLOBE NEWSWIRE) -- Over the past decade, The RealReal (Nasdaq: REAL)—the world’s largest online marketplace for authenticated, resale luxury goods—has persistently pursued creating a more sustainable, circular future. Today, on Earth Day, the company reached two major milestones in this work: paying out more than $2 billion in commission for the 18+ million items it has kept in circulation and achieving carbon neutrality a year ahead of its goal.
“We’ve brought more than 21 million members into our circular marketplace, educating them about the lasting value of luxury goods and driving a shift toward more conscious consumption,” said Julie Wainwright, founder and CEO of The RealReal. “We’ve helped our community earn billions of dollars in commission by monetizing the pieces they’re no longer wearing or using.”
The RealReal infuses convenience, ease and trust into selling, allowing millions of people to unlock trapped value in their closets and homes. The 18+ million items sold through The RealReal’s marketplace have generated more than $2 billion in commission payments to the company’s community of consignors. Putting their existing pieces into circulation helps reduce the overproduction of new items and, since The RealReal’s inception, has saved approximately 896 million liters of water and 18,732 metric tons of carbon through Mar. 31, 2021.*
“Given the acceleration of global warming, it’s critical that all businesses take action to reduce their carbon footprint,” continued Wainwright. “Gucci CEO Marco Bizzarri’s CEO Carbon Neutral Challenge inspired us to work with greater urgency, and we’ve now achieved carbon neutrality a full year ahead of our goal. We will continue innovating to reduce our footprint and advocating for consumers, businesses and legislators to join us in the fight to drive global change.”
The RealReal achieved carbon neutrality in 2020 through a combination of efforts to reduce and offset its footprint. The company is committed to a variety of ongoing initiatives that will further reduce its footprint, including:
- Developing an Environmental Management System to track sustainability objectives, goals and targets.
- Shipping the majority of products via ground to reduce GHG emissions.
- Reducing waste and setting targets of zero-waste certification at its authentication centers.
- Evaluating large-scale renewable energy power purchase agreements (PPAs) to power the majority of its operational footprint.
- Reducing paper consumption in the office and paper usage for marketing materials.
- Increasing usage of Post-Consumer Recycled Content (PCR) and/or 100% Forest Stewardship Council (FSC) Certified materials.
- Supporting regenerative environmental initiatives, such as One Tree Planted’s the Million Tree Challenge.
To learn more about The RealReal’s efforts, visit its Social Impact site at https://investor.therealreal.com/social-impact.
*Based on data from The RealReal’s Sustainability Calculator, which quantifies the positive impact of consignment – measuring the greenhouse gases, energy output and water usage saved by the resale of women’s and men’s items.
About The RealReal Inc.
The RealReal is the world’s largest online marketplace for authenticated, resale luxury goods, with more than 20 million members. With a rigorous authentication process overseen by experts, The RealReal provides a safe and reliable platform for consumers to buy and sell their luxury items. We have hundreds of in-house gemologists, horologists and brand authenticators who inspect thousands of items each day. As a sustainable company, we give new life to pieces by thousands of brands across numerous categories—including women's and men's fashion, fine jewelry and watches, art and home—in support of the circular economy. We make selling effortless with free virtual appointments, in-home pickup, drop-off and direct shipping. We do all of the work for consignors, including authenticating, using AI and machine learning to determine optimal pricing, photographing and listing their items, as well as handling shipping and customer service. At our 16 retail locations, including our 11 shoppable stores, customers can sell, meet with our experts and receive free valuations.
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Source: The RealReal