Rati Sahi Levesque, CEO of The RealReal, reflects on San Francisco reopening; reveals future ambitions. Founded in 2011 in San Francisco by Julie Wainwright, The RealReal launched as a platform dedicated to the resale of pre-owned luxury goods, where every item is authenticated. Year after year, TheRealReal established itself as a key player in a new circular economy, culminating in its IPO in 2019. Three years later, Rati Sahi Levesque took the helm at The RealReal. Formerly chief merchant officer, she succeeded Wainwright and oversaw the transition from a phase of rapid growth to one of restructuring and profitability. After surpassing $2 billion in sales in 2025, the company is projecting a GMV of between $2.39 billion and $2.45 billion and revenue of between $765 million and $780 million for 2026. With a network of 17 retail locations across the United States, The RealReal reopened its historic San Francisco store in the Union Square neighborhood last February, having closed it in 2023 amid a sharp local decline in foot traffic and a drastic cost-cutting plan. This provided an opportunity to speak with Sahi Levesque about the reopening and the company's short- and medium-term ambitions. FashionNetwork: What does the reopening of TheRealReal store in San Francisco mean to you? Rati Sahi Levesque: We're incredibly proud to reopen our flagship in Union Square. It represents two things very clearly: the resilience of San Francisco and the strength of our business today. We've spent the past few years sharpening our model, driving real growth, and building a disciplined and resilient company. And now, we're in a position to invest again in our customers, in our brand, and in physical retail. FNW: Why did you reopen? Is the Union Square neighborhood in better shape today? And San Francisco in general? R.S.L.: We reopened because physical retail is essential to how we operate. It's how we build trust, how people experience the brand, and how consignors engage with us in a really personal way. As for Union Square and San Francisco, it's a moment of rebuilding. There's real energy and resurgence happening in Union Square right now and we are excited to be a part of it. We believe in San Francisco, and we are excited to be a part of its next chapter in retail. FNW: How did you approach the design of this store? Are the same principles as the original store? R.S.L.: The spirit is the same, but it's evolved. We wanted the space to feel elevated and beautiful but also very comfortable, welcoming and rooted in service. We've put more emphasis on how people actually use the store today - more space for appointments, for high-value consignments, for discovery. We offer delicious coffee provided by a local coffee roastery, as well as details that feel very San Francisco like local art, vintage furniture pieces, and a sense of history layered with modern luxury. It's still very much The RealReal, just sharper and more intentional. FNW: You plan to continue opening new stores in the U.S. market, with an opening announced in Massachusetts. Does this reflect strong growth? Should we expect more openings? R.S.L.: It reflects growth, but also discipline. We're focused on the right markets, not just more markets, and we are adding stores with intention. As supply drivers, retail locations work incredibly well for us. They help us deepen relationships, immerse ourselves in the community, and make our brand experience tangible. So yes, you'll see us continue to open in the U.S., but very selectively. FNW: Do you believe in an international expansion of your business? R.S.L.: We absolutely see the opportunity, luxury resale is global by nature. But we're also very focused right now on executing well in the U.S. International expansion is something we think about carefully because it requires the right infrastructure and experience on the ground. So the ambition is there, but we're going to be deliberate about when and how we do it. FNW: What is the situation with your store in Los Angeles? R.S.L.: Los Angeles is an incredibly important market for us, and our Melrose store continues to perform as a key part of our retail footprint. We see strong engagement from both consignors and buyers there, and it remains a vibrant destination for luxury and self-expression. Like any iconic retail street, Melrose continues to evolve - and we see that as an opportunity. Our focus is on showing up consistently for our customers, and we feel very good about our presence and momentum in L.A. FNW: Competitors like Fashionphile are expanding. What keeps The RealReal in the lead? R.S.L.: It's great to see resale growing and being the first choice for consumers more and more. What sets The RealReal apart is our combination of trust, scale, and service. We've built a model that connects buyers and sellers across categories from fashion to fine jewelry to watches, and we've been doing it for a long time. What we see is buyers becoming sellers and sellers becoming buyers, our flywheel effect is continuing to fuel growth. But, at the end of the day, this business is about trust, so we are laser-focused on finding new ways to improve the service for our customers. FNW: You've announced around $2 billion in GMV for 2025. Why is luxury resale performing so well right now? R.S.L.: Customers are being more thoughtful. They still want great things, but they want to buy smarter. Luxury resale gives them access, value and the ability to participate in fashion in a more circular way. We're also seeing a real shift where people think about resale value when they buy something new. So it's not just a moment, it's a behavior change. FNW: How have you adapted to AI? Is it a challenge? R.S.L.: AI is enabling us to make the experience better for our customers. From how we intake, process, authenticate, photograph, and price, it's helping us scale faster and be more precise across every area. Trust is everything, and AI enhances our human expertise. FNW: What are your major challenges for 2026? R.S.L.: It's really about continuing to grow the right way. We've built strong momentum, and now the focus is on scaling, staying disciplined, continually improving our experience, strengthening our operations, and leading the category in not only scale, but innovation. We will keep raising the bar for the business and for the customer.

The RealReal CFO Ajay Gopal sold 51,585 shares of common stock on 19 March 2026, valued at approximately $479,000. The shares were automatically sold to satisfy withholding taxes from vesting shares granted in 2024, according to SEC filings. The transaction reduced Gopal's direct holdings by 4.19% to 1,179,307 shares. The sale follows a 46% surge in The RealReal's stock price over the past year. The luxury consignment marketplace reported $693 million in revenue for 2025, up 15%, with adjusted EBITDA improving 6% to $42 million. The company generated positive free cash flow and delivered positive adjusted EBITDA in every quarter, though GAAP losses persist. Active buyers crossed one million.