The RealReal (REAL) is an emerging e-commerce powerhouse that focuses on pre-owned luxury goods. At the moment, it appears that REAL has the first-mover advantage in a market with high barriers to entry. REAL has net cash on the balance sheet, but it is free cash flow negative and experiencing many growing pains. Execution risk is perhaps the most critical variable in the thesis, but trading at a single-digit multiple of sales, REAL can provide spectacular shareholder returns if the bullish thesis pans out.
Pre-Owned Luxury Consignment
REAL is an online marketplace for