Network officials also said voters should expect more of a Koch focus on grassroots activism throughout the 2020 election cycle.Politicsread more
In a room full of avowed capitalists, policies that sound to some like socialism are bound not to go over well.Delivering Alpharead more
GM's usage of temporary workers, potential closure of plants and health care contributions remain major sticking points, according to people familiar with the talks.Autosread more
Republicans and Democrats have long since separated themselves by ideology, leaving each more uniformly conservative or liberal than ever. And now a new data analysis by the...Politicsread more
A Missouri man died of vaping-related illness, officials announced Thursday.Health and Scienceread more
At least in terms of monetary policy, Pence says should be taking after other regions who keep their benchmark interest rates near zero.Delivering Alpharead more
AT&T isn't focused on selling or divesting DirecTV, despite pressure from stakeholder Elliott Management, sources tell CNBC.Technologyread more
Patrick Shyu, a former tech lead at Google, has posted a series of videos making fun of Facebook, where he worked as a software engineer until last month.Technologyread more
The measure to keep the government running through Nov. 21 now heads to the Senate, where McConnell has signaled he will back a temporary spending plan.Politicsread more
Amazon's purchase comes as part of its plan to convert its delivery fleet to 100% renewable energy by 2030. The e-commerce retailer already runs 40% of its fleet on renewable...Autosread more
As part of the plan, Amazon has agreed to purchase 100,000 electric delivery vans from vehicle manufacturer Rivian.Technologyread more
(Updates with closing price)
June 28 (Reuters) - Shares of U.S. online luxury reseller The RealReal Inc closed up more 40% in their debut on Friday, giving it a market capitalization of around $2.4 billion and signalling investor appetite for listings of consumer companies.
The shares opened at $28, above their initial public offering price of $20, and closed at $28.90.
The offering of 15 million shares was priced at $20, above the expected range of $17 and $19 per share, helping the company raise $300 million in net proceeds.
The personal luxury goods market is expected to grow to between $364 billion and $415 billion in 2025, with millennials expected to represent 40% of the market, according to research firm Bain & Co.
The vast majority of The RealReal's business is in the United States and Chief Executive Julie Wainwright said the company would eventually expand abroad.
"We have a huge opportunity in front of us. Two-thirds of its outside the U.S. so at some point well go overseas but not in the near term," Wainwright said in a telephone interview.
The RealReal is a marketplace for second-hand luxury items including clothing and accessories. People can list their unwanted luxury goods, some that are either used or still have tags on them, and the company then takes a cut when a sale is made.
The RealReal, which started out as a business run from Wainwright's kitchen table, now processes nearly 2 million orders per year. It has expanded its physical presence by opening two brick-and-mortar stores in Manhattan and one in Los Angeles that collect as well as sell goods.
The company has been thriving on the rising sales of second-hand, or vintage, luxury goods - from Chanel handbags and Gucci dresses to Rolex watches - banking on growing millennial interest in the price and environmental benefits of recycled clothing.
Rival resellers are looking to cash in on the booming market, including thredUP, which branched into luxury last year, and established players like Vestiaire Collective.
The top-selling luxury designers on The RealReal's online marketplace include Cartier, Chanel, Christian Louboutin, Gucci, HermEes, Louis Vuitton, Prada, Rolex, Tiffany and Valentino.
The company posted a net loss of $75.8 million in 2018, compared with a loss of $52.3 million in 2017, on revenue of $207.4 million, up over 55%, its filing with the U.S. Securities and Exchange Commission showed.
Investors in the San Francisco-based company include Perella Weinberg Partners and Great Hill Partners. (Reporting by Aparajita Saxena and Aishwarya Venugopal in Bengaluru, and Joshua Franklin in New York; Editing by Susan Thomas and Alistair Bell)