The RealReal Joins Digital ID Firm EON to Boost Luxury Resale Transparency

The RealReal has joined EON to make it easier for luxury customers to consign their goods.

The collaboration between the luxury consignment brand and the digital ID company will see The RealReal (TRR) join EON Exchange, EON’s app/partner/service ecosystem, the companies announced in a Tuesday (Jan. 16) news release provided to PYMNTS.

This will allow The RealReal to offer greater transparency and trust by letting customers consign products embedded with digital IDs.

“Our mission at The RealReal is not only to extend the life of luxury items, but also to remove friction from the consignment process and boost the adoption of resale as much as possible,” explained Rati Sahi Levesque, President and COO of The RealReal.

“This partnership is far bigger than TRR. Together, we’re getting consumers and brands alike to understand the power of resale and keep well-made items in circulation.”

According to the release, owners of luxury fashion from EON’s partners can scan an item to access its history, including its provenance and past sales, and then get the option to consign with The RealReal. 

If the item is accepted, The RealReal does much of the work for consignors: taking possession, authenticating, photographing, pricing and listing the item, along with leveraging data from the item’s Digital ID as another verification step.

“EON’s partnership with The RealReal will foster adoption of luxury resale and help build a more circular fashion economy by streamlining the process of consigning items on the marketplace,” the release said.

The companies added that the collaboration is a key step towards the European Union’s forthcoming regulation for Digital Product Passports, which requires brands to share product history and data with businesses such as resellers.

PYMNTS examined TRR’s earnings in November, noting that the company was hoping to see some of the alterations it made in 2023 bear fruit in 2024.

These included changes in the commission structure, a reexamination of its supply dynamics, and the implementation of third-party advertising.

“I think that there’s still improvements, and we talked about at the beginning of this year that the changes that we have made, you’re going to see really impact the second half of 2023,” said John Koryl, CEO of The RealReal.  

 

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