Will RealReal's (REAL) Board Transition Refocus Its Investment Priorities and Long-Term Vision?

• On November 17, 2025, The RealReal, Inc. announced that Gilbert L. (Chip) Baird III resigned from its Board of Directors following the sale of GreyLion Partners LP's shareholding in the company.
• This departure marks a significant transition in governance, as a key pre-IPO investor representative exits the board while continuing to consult for RealReal until mid-2026.
• We'll examine how the exit of a major investor's board representative could influence RealReal's long-term business priorities and investment outlook.

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RealReal Investment Narrative Recap

To be a shareholder in The RealReal, an investor needs to believe in the long-term growth of authenticated luxury resale and the company's ability to drive profitable expansion despite ongoing losses. The recent resignation of a key pre-IPO investor representative from the board does not appear to materially change the most important short-term catalyst, the scaling of AI-driven operational efficiencies, or the primary risk, which remains pressure on margins from a declining take rate and shifting product mix. Of recent announcements, continued revenue growth, evidenced by raised FY 2025 guidance to US$687 million–US$690 million, directly ties into the principal catalyst: expanding demand for luxury resale supported by operational improvements. This strengthening top-line outlook reinforces management’s emphasis on profitable growth, though ongoing board changes underline the company's transition toward its next stage of development. In contrast, investors should be alert to potential margin volatility if high-value items continue to dilute take rates over coming quarters...

Read the full narrative on RealReal (it's free!)

RealReal's outlook anticipates $842.8 million in revenue and $40.0 million in earnings by 2028. This implies a 9.8% annual revenue growth rate and an $75.4 million increase in earnings from the current level of -$35.4 million.

Uncover how RealReal's forecasts yield a $15.12 fair value, a 7% upside to its current price.

Exploring Other Perspectives

Retail investor fair value estimates for The RealReal from the Simply Wall St Community span from US$4.65 to US$15.13, with two distinct perspectives included. While optimism surrounds ongoing revenue growth and operational initiatives, the range highlights how differing views on long-term profitability continue to shape outlooks for the stock's performance.

Explore 2 other fair value estimates on RealReal - why the stock might be worth less than half the current price!

Build Your Own RealReal Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your RealReal research is our analysis highlighting 1 key reward and 4 important warning signs that could impact your investment decision.
• Our free RealReal research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate RealReal's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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