Luxury Reseller The RealReal Files for Initial Public Offering

(Bloomberg) -- Online luxury reseller the RealReal Inc. filed for a U.S. initial public offering, detailing its growing revenue and losses.

The company listed the amount of its planned offering as $100 million, typically a placeholder amount that will change at a later date. RealReal lost $76 million on revenue of $207 million in 2018, compared with a loss of $52 million on revenue of $134 million the previous year, according to its filing Friday with the U.S. Securities and Exchange Commission.

The San Francisco-based company, founded by Chief Executive Officer Julie Wainwright, seeks to make it easier sell and buy used luxury items such as clothing, accessories and jewelry on consignment by not only providing platform for transactions, but also by verifying that the goods are authentic.

The offering is being led by Credit Suisse Group AG, Bank of America Corp. and UBS Group AG, according to the filing. RealReal is seeking to have its shares listed on the Nasdaq Global Select Market under the symbol REAL.

To contact the reporter on this story: Michael Hytha in San Francisco at mhytha@bloomberg.net

To contact the editors responsible for this story: Elizabeth Fournier at efournier5@bloomberg.net, Michael Hytha, Andrew Pollack

©2019 Bloomberg L.P.