After reaching more than $100 million in revenue last year, The RealReal has decided to give back. Although the company is not quite yet profitable, said founder Julie Wainwright, “we have so many things to be thankful for. We’re at a point where we are big enough and can start giving back.”
For the second year, the San Francisco-based luxury re-commerce service will begin what it calls “7 Days of Giving” on Tuesday, in which each day for seven days a portion of proceeds are given to one of seven chosen charities. Each day, The RealReal donates 5 percent of sales, up to $5,000, to that day’s charity, totaling up to $35,000 given during the week. Last year, the company hit each limit.
In addition to the funding, Wainwright said, the initiative helps each charity but publicizing it to The RealReal’s four million members. This year’s new organizations are Friends of Fondation de France, St. Jude’s Children’s Research Hospital, Each One Counts and Project Glimmer. Returning charities are WildAid, DrawBridge and Baby2Baby.
“Giving Tuesday” has become a popular time for companies to introduce a charitable initiative.
Last week, Elie Tahari began Coats for a Cause, which raises money and awareness for Worldwide Orphans Foundation and enlists bloggers and celebrities on Instagram and gives 10 percent of sales toward the cause.
On November 30, Uber began its “5 Days of Giving,” for which it partnered with brands including Vince, L’Occitane, One Kings Lane and Diane von Furstenberg to deliver free gifts to riders in New York City who enter code TAPGETGIVE. On Tuesday, which is Aids Awareness Day, riders can donate to (RED) through the Uber app.