RealReal (NASDAQ:REAL) Stock

REALREAL INC/THE

RealReal

The RealReal is the largest pure-play luxury resale platform in the US, generating $1.8 billion in 2024 gross merchandise volume and addressing a niche (personal luxury resale) that had previously been serviced by inefficient upscale boutiques and local pawn shops. The company generates revenue via consignment and first-party sales on its online marketplace, and through a small volume of direct sales. With a hands-on approach that actively sources inventory and authenticates every item on its platform, The RealReal is able to justify much higher take rates than peers, working out to roughly 36% of net merchandise value in 2024, which excludes returns, cancellations, and first-party sales.

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Long gone are the days of easily spotted, plasticky fake bags perched atop folding tables on New York City's Canal Street. Instead, the modern counterfeit bag is a near-perfect replica, or "reps," to use the more cloak and dagger term you'll see in the underground market. And Gen Z's shift to replicas could pressure luxury margins long-term, T<a href="https://www.wsj.com/business/retail/luxury-counterfeits-handbags-superfakes-a490fb42">he Wall Street Journal reported recently</a>, detailing the shadowy market of "superfake" handbags.
<h2 class="wp-block-heading">Market Data Shows Gen Z's Reticence to Buy Luxury</h2>
The <a href="https://www.benzinga.com/news/24/04/38155531/prada-gucci-louis-vuitton-brace-for-sales-slump-as-chinas-economic-turbulence-hits-luxury-market">luxury sector may be seeing its first revenue pressures</a> as Gen Z pulls back: According to the Journal, data from consulting firm Bain &amp; Co. shows younger consumers spent $5 billion less on luxury in 2023 than the previous year.
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While the data can't definitively identify the cause, the decline suggests one or both factors: budget constraints, or a growing preference for high-quality counterfeits, according to the Journal's analysis.&nbsp;
"People are starting to realize how good these fakes are getting"
Online communities of replica handbag enthusiasts have been reacting to the article, including lurkers and buyers from the "<a href="https://www.reddit.com/r/RepladiesDesigner/">Repladiesdesigner</a>" subreddit, which was specifically called out by the Journal: "It&#8217;s crazy how far &#8216;super fakes&#8217; have come and they really are just as good as the original in many cases. The difference in price makes it an easy choice for many," <a href="https://www.reddit.com/r/RepladiesDesigner/comments/1lxyphy/wall_street_journal/?sort=top">one user writes</a>. "I also bought Hermes authentics in [the] past but now I&#8217;m buying high tier reps."
"It&#8217;s true that some people are just starting to realize how good these fakes are getting," writes another Repladiesdesigner member. "Honestly, with [the] right seller and the right eye, you can snag a bag that looks better than [the] original."
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Customers use resources like the subreddit to find sellers, who then move their business off Reddit and onto encrypted apps like WhatsApp and Telegram. According to the Journal, this direct-to-consumer sales model floods shipping ports with untraceable single packages, making it much easier to evade the traditional method of bulk interception of counterfeit goods at customs.
<h2 class="wp-block-heading">Resellers Going High-Tech to Spot Superfakes&nbsp;</h2>
Indeed, superfake handbags are so indiscernible from their luxury counterparts that designer goods resellers like <a href="https://www.benzinga.com/quote/REAL">The RealReal</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REAL#NASDAQ">REAL</a>) have adopted forensic-level authentication methods: According to the Journal report, the company is implementing XRF technology to analyze the metal composition of bag hardware and X-ray machines to inspect internal structures. The RealReal Director of Authentication Hunter Thompson tells the Journal that counterfeiters may flawlessly replicate a bag's exterior but often overlook subtle interior details, like the way a nail head is hammered in.
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But what of the brands themselves? How are they fighting back? According to the Journal, in the case of the largest luxury brand, the answer is: meekly. LVMH Moët Hennessy Louis Vuitton, the world's largest luxury conglomerate, spent $11 billion on advertising in 2023 but just $45 million on anti-counterfeiting efforts. It may be that fakes are viewed as a foot-in-the-door toward genuine purchases, but the industry should probably wise up to the reality that superfakes are becoming legitimate competitors — and luxury's pricing power may be at risk.
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Image: Shutterstock

News

REAL

The Rise Of 'Superfakes': Why Ultra-Realistic Designer Knockoffs Are Disrupting The Luxury Industry

Sophia Kianni and <a href="https://www.benzinga.com/news/topics/25/07/46260421/phoebe-gates-opens-up-about-being-a-nepo-baby-and-reveals-dorm-room-aha-moment-that-sparked-fashion-startup-phia">Phoebe Gates</a> met as Stanford roommates who bonded over fashion, climate advocacy, and secondhand shopping. Kianni had already gone viral during the pandemic by founding Climate Cardinals, a nonprofit that translated climate resources into over 100 languages. Gates, daughter of Microsoft co-founder <a href="https://www.benzinga.com/news/25/05/45184302/bill-gates-daughter-launches-phia-a-850k-ai-powered-fashion-app-with-backing-from-kris-jenner-and-desiree-gruber">Bill Gates</a> and Melinda French Gates, had interned at British Vogue and was passionate about sustainable fashion,<a href="https://www.forbes.com/sites/alexyork/2025/07/11/how-podcasting-is-fueling-sophia-kianni-and-phoebe-gates-fashion-startup-phia/"> Forbes</a> says.
Their original concept was a browser extension that made it easier to shop secondhand, inspired by the clunky user experience they'd encountered, Kianni told Forbes. One of their professors was so impressed that he gave them a $250,000 grant to get started.
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That initial idea evolved into Phia, an AI-powered fashion app that helps users find the best price for a product across websites, view resale value graphs, and create curated collections, Forbes reports. The app is free for users and earns affiliate commissions on purchases made through its platform.
<h2 class="wp-block-heading">Sophia Kianni's Pivot to Scale</h2>
Before co-founding their fashion tech startup, Kianni was focused on climate education. She told Forbes that while visiting family in the Middle East, she realized many in the community didn't understand the greenhouse gas effect.
That language gap led her to launch Climate Cardinals, a nonprofit built on translation and education. Kianni said the experience taught her lessons she later applied to Phia, especially around building from scratch and mobilizing people online.
"I learned all of these little things that I now 100% have applied to Phia, just in terms of what it took to take something from zero to one," Kianni told Forbes.
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<h2 class="wp-block-heading">From Instagram to Alex Cooper: How They Used Content as Capital</h2>
Phia's model leans heavily on partnerships and content to grow. The app works with major resale sites like eBay (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>), The RealReal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REAL#NASDAQ">REAL</a>), and Poshmark, and has collaborations with brands such as Reformation and Prada, Forbes says.
Their social media accounts now have over 100,000 followers combined, and according to Forbes, they also write a newsletter on Substack, where companies like Tory Burch and The RealReal are building fashion communities.
In March, they signed with podcaster Alex Cooper's Unwell Network to host their own show, ‘The Burnouts,' which dives into their startup journey and features guests like Kris Jenner, Paris Hilton, and Vivian Tu, Forbes reports.
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<h2 class="wp-block-heading">‘We Do Have Ourselves': Their Media Strategy Skipped Traditional Ads</h2>
The podcast idea came from advisor Joanne Bradford, former president of Honey, a coupon extension, was sold to PayPal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>) in 2020 for $4 billion. Bradford told them ‘Call Her Daddy' was one of their best-performing ad channels, but instead of buying ad space, Kianni and Gates pitched a podcast of their own, Forbes says.
"We don't have millions of dollars to spend on ‘Call Her Daddy' ads, but we do have ourselves," Kianni told Forbes. "It was a win-win where we were able to have this incredible distribution vehicle that is able to provide essentially all of this organic coverage to Phia."
Phia has raised $850,000 in total from investors, including Kris Jenner and Sara Blakely, according to Forbes. The company has focused on content creation and partnerships as key growth strategies.
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Image: Shutterstock

EBAY

PYPL

"We Don't Have Millions To Spend On 'Call Her Daddy' Ads, But We Do Have Ourselves": How Phoebe Gates And Sophia Kianni Built Phia Via A Podcast

WIIM

RealReal shares are trading higher after B. Riley Securities initiated coverage on the stock with a Buy rating and announced a price target of $8.

B. Riley Securities analyst Susan Anderson initiates coverage on RealReal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REAL#NASDAQ">REAL</a>) with a Buy rating and announces Price Target of $8.

Price Target

Initiation

Analyst Ratings

B. Riley Securities Initiates Coverage On RealReal with Buy Rating, Announces Price Target of $8

<a href="https://jcapitalresearch.substack.com/p/dispatch-43" title="https://jcapitalresearch.substack.com/p/dispatch-43">https://jcapitalresearch.substack.com/p/dispatch-43</a>

Short Sellers

Trading Ideas

Watching The RealReal; J Capital Research's The Equity Dispatch Issues Report On Co

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Shares of retail stocks are trading higher after the US and China agreed to a temporary reduction in most tariffs on each other's goods. A reduction in tariffs could alleviate supply chain uncertainty and macroeconomic uncertainty and help boost consumer sentiment.

UBS analyst Kunal Madhukar maintains RealReal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REAL#NASDAQ">REAL</a>) with a Neutral and raises the price target from $6 to $7.

UBS Maintains Neutral on RealReal, Raises Price Target to $7

RealReal shares are trading lower following Q1 financial results.

The RealReal shares are trading lower. The company reported Q1 financial results.

We have not reconciled forward-looking Adjusted EBITDA to net income (loss), the most directly comparable GAAP measure, because we cannot predict with reasonable certainty the ultimate outcome of certain components of such reconciliations, including payroll tax expense on employee stock transactions, that are not within our control, or other components that may arise, without unreasonable effort. For these reasons, we are unable to assess the probable significance of the unavailable information, which could materially impact the amount of future net income (loss).
<figure class="table"> 
<table>
<tbody>
<tr>
<td>&nbsp;</td>
<td>Q2 2025</td>
<td>Full Year 2025</td>
</tr>
<tr>
<td>GMV</td>
<td>$476 – $486 million</td>
<td>$1.96&nbsp;– $1.99 billion</td>
</tr>
<tr>
<td>Total Revenue</td>
<td>$157&nbsp;– $161 million</td>
<td>$645&nbsp;– $660 million</td>
</tr>
<tr>
<td>Adjusted EBITDA</td>
<td>$3.0&nbsp;– $4.0 million</td>
<td>$20&nbsp;– $30 million</td>
</tr>
</tbody>
</table>
</figure>

Guidance

RealReal Sees Q2 Sales $157.000M-$161.000M vs $159.67M Est

RealReal Affirms FY2025 Sales Guidance of $645.00M-$660.00M vs $655.52M Est

RealReal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REAL#NASDAQ">REAL</a>) reported quarterly losses of $(0.08) per share which beat the analyst consensus estimate of $(0.09) by 11.11 percent. This is a 33.33 percent increase over losses of $(0.12) per share from the same period last year. The company reported quarterly sales of $160.03 million which beat the analyst consensus estimate of $159.81 million by 0.14 percent. This is a 11.29 percent increase over sales of $143.80 million the same period last year.

Earnings

Earnings Beats

RealReal Q1 Adj. EPS $(0.08) Beats $(0.09) Estimate, Sales $160.03M Beat $159.81M Estimate

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Earnings Scheduled For May 8, 2025

Phoebe Gates, daughter of <a href="https://www.benzinga.com/personal-finance/25/04/45056962/bill-gates-says-hes-happier-as-a-billionaire-than-if-he-were-middle-class-you-dont-need-a-billionbut-freedom-from-worry-is-a-blessing">Bill Gates</a> and Melinda French Gates, has stepped into the startup world with the launch of Phia, a browser extension and mobile app designed to make <a href="https://www.benzinga.com/news/global/25/03/44359892/sustainable-style-how-ai-is-reducing-waste-in-the-fashion-world">fashion</a> shopping smarter, more sustainable, and more affordable for Gen Z consumers.
Phia, co-founded with Stanford University classmate Sophia Kianni, functions as a digital shopping assistant. The app <a href="https://phia.com/">says</a> it tracks pricing data across more than 40,000 online retailers, surfaces lower-cost alternatives, and according to <a href="https://www.theverge.com/news/656349/phoebe-gates-phia-shopping-app-extension">The Verge</a>, it also highlights secondhand options from platforms like The RealReal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REAL#NASDAQ">REAL</a>), Poshmark, and Vestiaire Collective. Phia&#8217;s goal is to reduce waste while helping users make more financially and environmentally responsible purchases,<a href="https://www.geekwire.com/2025/phoebe-gates-launches-e-commerce-startup-heres-what-her-famous-parents-thought-of-the-idea/"> GeekWire</a> writes.
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<h2 class="wp-block-heading">$850K in Early Funding From High-Profile Backers</h2>
Gates and Kianni, both avid resale shoppers, created the tool after growing frustrated with the lack of reliable pricing and resale discovery options online. According to The Verge, in addition to retail price comparison, Phia's &#8220;Should I Buy This?&#8221; feature evaluates whether a shopper is overpaying by using product data, market history, and resale listings.
Despite the founder's household name, Phia was not funded by the Gates family. Instead, Phoebe Gates raised capital independently, starting with $100,000 from Soma Capital and a $250,000 Stanford social entrepreneurship grant, GeekWire writes. After multiple rejections, the team secured an additional $500,000 in angel investments, bringing the total raised to $850,000.
Among Phia's early supporters are major names from fashion and media. Kris Jenner, entrepreneur and matriarch of the Kardashian-Jenner brand empire, publicly confirmed her role as an investor and mentor during an appearance on "<a href="https://www.youtube.com/watch?v=eSGd9ZR6CQ0&amp;ab_channel=TheBurnoutswithPhoebe%26Sophia">The Burnouts</a>," a podcast hosted by the Phia founders. Jenner's involvement adds visibility and strategic guidance as the company targets a younger, trend-driven demographic.
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Investor and business strategist Desiree Gruber, known for her work on "Project Runway" and as the CEO of Full Picture, also joined the funding round, she said in a LinkedIn<a href="https://www.linkedin.com/posts/desiree-gruber-4b7a4564_phoebe-gates-and-sophia-kianni-launch-shopping-activity-7321537221025492993-16fh/"> post</a>. Her post praised the Phia founders and celebrated the launch with enthusiasm, showing her strong support for the company's mission and vision.
In addition to Jenner and Gruber, Phia's advisory circle includes media executive Joanne Bradford and Spanx founder Sara Blakely, both of whom are serving as company advisors. Bradford<a href="https://www.linkedin.com/feed/update/urn:li:activity:7321319756966383616/"> shared</a> on LinkedIn that she's been supporting the team behind the scenes over the past year on copy, product, and go-to-market strategy.
<h2 class="wp-block-heading">A Technology-Driven Approach To Conscious Commerce</h2>
Phia represents a growing wave of e-commerce tools that emphasize affordability without sacrificing ethics or style. By embedding into users' regular browsing experience, the app acts as a passive advisor, alerting shoppers to resale alternatives, sale opportunities, and pricing insights without disrupting their shopping flow, according to The Verge.
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Environmental sustainability is a core component of Phia's identity. In line with Bill Gates' well-known environmental initiatives, the app encourages secondhand shopping to reduce fashion-related carbon emissions and textile waste. While Phoebe Gates has leaned on her father for personnel advice, she did not seek financial involvement. "Luckily, it never happened," Bill Gates told <a href="https://www.businessinsider.com/bill-gates-phoebe-gates-phia-funding-2025-4">Business Insider</a>, explaining that he preferred not to play an oversight role in the company.
Melinda French Gates encouraged her daughter to raise her own capital, describing it as a growth opportunity. Phoebe Gates told<a href="https://www.nytimes.com/2025/04/24/style/phoebe-gates-bill-gates-resale-phia.html"> The New York Times</a> that the fundraising process was difficult but essential, adding that her mother "saw it as a real opportunity for me to, like, learn and fail."
<h2 class="wp-block-heading">Phia's Market Position and Growth Potential</h2>
Phia enters a crowded but evolving space alongside established price-comparison tools like Honey, Rakuten, and Capital One Shopping, The Verge writes. What sets Phia apart is its focus on fashion, its AI-driven resale discovery features, and its cultural positioning with Gen Z consumers.
The combination of venture capital, mentorship from high-profile investors, and a technology-forward product gives Phia a unique advantage in the e-commerce landscape. While still in its early stages, Phia's launch signals a broader trend toward merging climate-conscious values with consumer tech.&nbsp;
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Image: Shutterstock

Bill Gates' Daughter Launches Phia, A $850K AI-Powered Fashion App With Backing From Kris Jenner And Desiree Gruber

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