The RealReal appoints new CEO, ups FY24 profit guidance

Luxury resale platform The RealReal has announced the appointment of Rati Sahi Levesque as its new president and chief executive officer, effective immediately.

Levesque currently serves as president and chief operating officer at the company, but will now succeed John Koryl, who has departed and no longer serves on The RealReal’s board.

Levesque was among the founders of The RealReal back in 2011, and has held various leadership positions across multiple areas of the business over her 13-year tenure.

Upon the announcement, chairperson of the board, Karen Katz, said Levesque had been “pivotal in formulating and executing the recent strategic shifts that have propelled the company on its path to profitability”.

The RealReal had undergone a move into a “go-forward business model” last year in response to a string of lacklustre financial reports, which had also resulted in a cut to its workforce in late 2023.

Since, however, the company has been back-on-track, with positivity continuing into its Q2 results for the period ended June 30, 2024, when it welcomed a revenue jump of 11 percent.

In its CEO announcement, The RealReal reaffirmed its financial position in an update to its preliminary Q3 results, for which it is now expecting GMV to come to 433.1 million dollars, while total revenue is anticipated to reach 147.8 million dollars.

This, in turn, has prompted the company to up its FY24 guidance. It is now forecast to see a GMV of between 1.810 to 1.826 billion dollars, up from its prior forecast of 1.790 to 1.890 billion dollars. Total revenue is expected to be in the range of 595 and 609 million dollars.

Levesque said the Q3 period “exceeded” expectations and increased confidence in momentum of the business.

She continued: “Our growth playbook, which is centred on unlocking supply, is working with proof points in both top line and margin metrics. The RealReal is positioned well as the leader in luxury resale with significant room to grow.”