The RealReal Partners with EON to Accelerate Trusted Luxury Resale with Digital IDs

New York, NY—January 15, 2024—The Real Real (NASDAQ: REAL), the world’s largest full-service, luxury consignment marketplace, announced a partnership today with EON, the leading digital ID platform, to simplify luxury resale for consignors and shoppers. EON enables brands to increase profitability across the entire product lifecycle with end-to-end traceability. The RealReal will join EON Exchange, EON’s ecosystem of integrated apps, partners and services, to boost transparency and trust and enable luxury customers to easily consign their products embedded with Digital IDs powered by EON with The RealReal’s marketplace..

“Our mission at The RealReal is not only to extend the life of luxury items, but also to remove friction in the consignment process as much as possible,” said Rati Sahi Levesque, President and COO of The RealReal. “By partnering with EON and joining EON Exchange, we’re embracing technology that can accelerate luxury resale by delivering a seamless consignor experience and adding another layer of trust to our marketplace.” 

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. Owners of luxury fashion from EON’s network of brand partners will be able to scan their item to access its history, including provenance and previous sale history, and easily begin to consign their items with The RealReal. If accepted, The RealReal will do all the heavy lifting for its consignors – from taking possession, authenticating, photographing, pricing and listing the item – leveraging data from the item’s Digital ID as an additional layer of verification.

EON and The RealReal’s partnership is an important step towards the European Union's forthcoming regulation for Digital Product Passports, which will require brands to share product data with circular businesses such as resellers. Brands leveraging EON Exchange are able to automate product data sharing with business partners, and receive back post-sale events data (resales, repairs, recycles, etc.) critical for product lifecycle traceability, reporting and circularity. .

“We are thrilled to welcome The RealReal to EON Exchange and set a new standard for the luxury resale experience,” said Natasha Franck, Founder and CEO of EON. “Together, we can make it just as easy to sell, as it is to buy — reshaping the future of commerce and how customers buy, sell and utilize products. By joining the EON Exchange, The RealReal is accelerating the future of resale with a value-benefit to brands, customers and resale marketplaces. Through the EON Exchange, The RealReal is gaining access to new brand partners, and bringing another layer of transparency to their marketplace. The benefits to the industry as a whole are seismic.” 

Like an app store for products, EON Exchange enables brands to instantly connect their products to partners and ‘install new capabilities’ such as resale, repair, recycling, virtual styling, digital closets and other post-purchase consumer-engagement features, which can unlock new revenue streams, intelligence and ways to build customer lifetime value. Brands that partner with EON to embed Digital IDs into their products are able to trace the items across their entire lifecycle and gather data insights from some partners that participate in the Exchange.

The growing EON Exchange ecosystem integrates technologies from dozens of players in every part of the fashion industry, including sustainability measurement organizations such as Carbon Trail and Green Story ; sustainability certifiers such as Cradle to Cradle Certified® and bluesign; logistics companies such as Bleckmann and Tersus Solutions; care and repair solutions such as SOJO and Save Your Wardrobe; and data carriers, label and chip makers such as Checkpoint Systems, Nexgen Packaging, SML Group, and Finotex.