Julie Wainwright

No one had actually focused on the luxury end of the market. No one had taken possession unless you were in a brick and mortar store. No one had leveraged technology to help set the right pricing. And authentication was an ad hoc consideration.

Yes. Why do you think that was? My vision was different than your vision, to be honest. I had access to capital and I always focused on getting the product in and didn't worry about demand. So focused on getting all the supplies and I built up a big infrastructure. And I do think that the luxury customer and consigner wanted a level of service that your model couldn't deliver.

Yes. Why do you think that was? My vision was different than your vision, to be honest. I had access to capital and I always focused on getting the product in and didn't worry about demand. So focused on getting all the supplies and I built up a big infrastructure. And I do think that the luxury customer and consigner wanted a level of service that your model couldn't deliver.

Yes. Why do you think that was? My vision was different than your vision, to be honest. I had access to capital and I always focused on getting the product in and didn't worry about demand. So focused on getting all the supplies and I built up a big infrastructure. And I do think that the luxury customer and consigner wanted a level of service that your model couldn't deliver.

I know that you think the stores supercharged us. They didn't, didn't. I have to say the stores were, when we first opened a store, which I- By the stores you mean, so the real real- The real heads brick and mortar stores. And we opened our first store in Soho, I think in 2017 after a pop-up. And the pop-up in Manhattan did change perception. Yeah. It did change people's perceptions.

I know that you think the stores supercharged us. They didn't, didn't. I have to say the stores were, when we first opened a store, which I- By the stores you mean, so the real real- The real heads brick and mortar stores. And we opened our first store in Soho, I think in 2017 after a pop-up. And the pop-up in Manhattan did change perception. Yeah. It did change people's perceptions.

I know that you think the stores supercharged us. They didn't, didn't. I have to say the stores were, when we first opened a store, which I- By the stores you mean, so the real real- The real heads brick and mortar stores. And we opened our first store in Soho, I think in 2017 after a pop-up. And the pop-up in Manhattan did change perception. Yeah. It did change people's perceptions.

Oh, it was in the data. So the data showed that we changed people's perception. And how do I know that? People that had previously shopped only online and then went into the store, not only did their average order size go up, their propensity to consign and buy went up. So it had a halo effect. Yes. And then the Soho store after the pop up was next. Same thing. The L.A.

Oh, it was in the data. So the data showed that we changed people's perception. And how do I know that? People that had previously shopped only online and then went into the store, not only did their average order size go up, their propensity to consign and buy went up. So it had a halo effect. Yes. And then the Soho store after the pop up was next. Same thing. The L.A.

Oh, it was in the data. So the data showed that we changed people's perception. And how do I know that? People that had previously shopped only online and then went into the store, not only did their average order size go up, their propensity to consign and buy went up. So it had a halo effect. Yes. And then the Soho store after the pop up was next. Same thing. The L.A.

store on Melrose also big boon. So those were local things that happened.

store on Melrose also big boon. So those were local things that happened.

store on Melrose also big boon. So those were local things that happened.

Their average order size went up. Average order value went up. So I think the biggest problem, the company was supply limited. It's always constantly about getting new product. But having said that, their propensity to consign went up. It made it even easier. So we would come to your house, but then you could also drop it off.

Their average order size went up. Average order value went up. So I think the biggest problem, the company was supply limited. It's always constantly about getting new product. But having said that, their propensity to consign went up. It made it even easier. So we would come to your house, but then you could also drop it off.

Their average order size went up. Average order value went up. So I think the biggest problem, the company was supply limited. It's always constantly about getting new product. But having said that, their propensity to consign went up. It made it even easier. So we would come to your house, but then you could also drop it off.

It makes sense. So yes, it did change the economics, but it also costs more money and it created, here's the interesting thing. When you post a thing online, it's also in the store. So it created a technical challenge and, It added another level of urgency, but the infrastructure to get those stores going was not trivial.

It makes sense. So yes, it did change the economics, but it also costs more money and it created, here's the interesting thing. When you post a thing online, it's also in the store. So it created a technical challenge and, It added another level of urgency, but the infrastructure to get those stores going was not trivial.

It makes sense. So yes, it did change the economics, but it also costs more money and it created, here's the interesting thing. When you post a thing online, it's also in the store. So it created a technical challenge and, It added another level of urgency, but the infrastructure to get those stores going was not trivial.

The trade-off wasn't clear when we first got started and the model had to evolve.