Many businesses donate money, goods, services, or staff time to support charitable causes. Giving back to the community has many benefits, both internal benefits like boosting the morale of employees, and external benefits including marketing your brand. Philanthropy is an integral part of the entrepreneurial start-up company The RealReal, and joining them in a recent philanthropic endeavor was actor Chloë Sevigny.
The RealReal is a luxury consignment startup launched in 2012 by Julie Wainwright who is the CEO. The RealReal is a successful venture due to the innovative and inspired leadership of Wainwright and an infusion of cash through venture capital funding. Since its inception, The RealReal has received $173 million in funding from several private equity firms. Funding has enabled the company to expand from an Internet-based business to a national powerhouse with a flagship store in SoHo in New York City. The company has seven valuation sites across the U.S., and offices in San Francisco, New York, Los Angeles, Chicago, and Washington, D.C.
The RealReal sells luxury consignment articles, catering to a clientele who appreciates luxury but is still interested in a bargain. While the company sells, home goods, jewelry and watches, the number one item in number of units sold and dollars earned is apparel. Recently Sevigny donated items from her personal collection for a curated online sale. Advertised online as “Shop Chloë Sevigny’s Closet,” the benefit was an opportunity to raise funds for a worthy cause. The pieces selected for sale included many of the fashions Sevigny wore for red carpet events.
A portion of the proceeds from the sale of luxury apparel from Chloë Sevigny’s closet will be donated to the Hetrick-Martin Institute and the Harvey Milk School. These affiliated organizations provide support and a safe space for LGBTQ students where they can interact with their friends free from discrimination and harassment.
Philanthropy is a win-win situation for businesses. It is vital for companies to contribute to American society through giving. The RealReal commits to giving back to the community through philanthropy.