Wainwright may also exit her function as chairperson and a member of the board of administrators, efficient June 7. Chief working officer and president Rati Sahi Levesque in addition to chief monetary officer Robert Julain will function co-interim CEOs.

Wainwright, who created the resale platform in 2011, will tackle an advisory function as founder till the top of the 12 months whereas the board of administrators commences a seek for a brand new CEO.

“I look ahead to persevering with to work with The RealReal’s world-class staff and positioning our unequalled choices and modern platform to capitalize on our shiny future forward,” Wainwright stated in a press release.

The RealReal introduced earlier this 12 months that it is on monitor to achieve profitability in 2024. In its most up-to-date quarterly earnings report, the reseller posted a 31 p.c improve year-over-year in gross merchandise worth, a measure of gross sales on its web site and throughout its shops. Even so, The RealReal’s inventory has dropped dramatically since its IPO in 2019, dropping almost 90 p.c of its worth.

Be taught extra:

Can Trend Resale Ever Be a Worthwhile Enterprise?

Firms like The RealReal and ThredUp promised Wall Avenue that with scale comes revenue. However operational prices and competitors have stored them within the purple.