The RealReal Appoints Former Shreve & Co. Executive to Spearhead Fine Jewelry & Watches Category

SAN FRANCISCO, Oct. 2, 2014 /PRNewswire/ -- The RealReal, the leader in authenticated luxury consignment, announced today the appointment of Michael Groffenberger as senior category director of fine jewelry and watches. Just prior to joining The RealReal, Groffenberger was executive vice president of Shreve, Crump & Low in Boston, prior to that he was a top senior sales professional at Tourneau.

Groffenberger is filling a new position created by The RealReal, in response to the rapid growth of the company's fine jewelry and watches category, which will double in revenue this year. The category represents roughly 20% of total revenue for The RealReal in 2014, with fine watches in particular showing the fastest growth.

Groffenberger will run the department, overseeing the full-time staff of fine jewelry & watch expert authenticators and will be focused on furthering the company's mission of being the trusted source for authenticated luxury resale cross-category.

"We are one of the few companies that has seen success re-selling luxury goods in the fine jewelry and watch sector," said CEO and Founder Julie Wainwright. "We attribute this success to the trust we've built with our buyers and consignors, through an unwavering focus on authentication, value, and service. Now with Michael's deep expertise and knowledge in the sector, I'm confident we'll be able to scale our business even further in this category."

Through its database of hundreds of thousands of luxury goods sold, The RealReal has access to key resale value data points for luxury designers in the fine jewelry and watches category: Example of the data include:

• Van Cleef and Arpels, Cartier, Rolex, and Tiffany are the brands that are in the highest demand.
• Diamonds, colored gemstones, and solid gold jewelry are the most popular jewelry categories.

The RealReal has recently improved and refined its fine jewelry and watches buying and selling experience. The new features include:

• Valuation Report - Printable report for each item of jewelry and watch sold, detailing the product and estimated retail value.
• Ask an Expert – Direct access to category experts, available to answer questions via live chat, email, and phone.
• Drop-down Navigation - Enables customers to shop by designer and category.

About The RealReal

The RealReal is the online leader in authenticated luxury consignment. We offer the largest marketplace of designer brands such as Chanel and Louis Vuitton, fine watches and jewelry, and fine art. The RealReal has won favor with luxury consignors and buyers as a next-generation consignment site by providing guaranteed authenticity of product and a superior consigning and shopping experience. A full-time staff of authenticators, horologists, licensed gemologists and art curators accept tens of thousands of new products into our warehouse each month. Consignors receive up to 70% of the sale price of their items, and buyers enjoy up to 90% off retail for our luxury goods. www.therealreal.com

Press Contact:
Natalie Seufferlein
[email protected]

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SOURCE The RealReal

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