The RealReal has named eCommerce and omnichannel veteran John E. Koryl as CEO and board member.
The luxury reCommerce marketplace also said in a Wednesday (Jan. 25) press release that Co-Interim CEOs Rati Sahi Levesque and Robert Julian will remain with the company, Levesque as president and chief operating officer and Julian as chief financial officer. The changes are effective Feb. 6.
Koryl most recently served as president of CTC Digital at Canadian Tire Corporation. Before joining CTC, he served as president of Neiman Marcus Direct and president of Neiman Marcus Stores and Online, according to the release.
“We are excited to have John join The RealReal at this important point in the company’s evolution,” RealReal Lead Independent Director Rob Krolik said in the release. “He has extensive experience as an eCommerce and omnichannel executive driving operational excellence and profitability. This experience, combined with his proven track record of successfully developing and growing online businesses, make him the right person to lead The RealReal.”
In his new position, Koryl will be “hyper-focused” on improving the client experience, achieving cost savings and leading the company to profitability, according to the release.
Koryl’s experience in his previous roles included transforming the digital experiences at Canadian Tire and modernizing the omnichannel experience at Neiman Marcus, the release said.
“I’m thrilled to be joining The RealReal at such a pivotal time for the brand,” Koryl said in the release. “As the leader in luxury resale and as the pioneer in transforming the consignment experience, The RealReal has significant opportunity to capture even more market share in the quickly evolving and fast-growing resale industry.”
Levesque and Julian assumed their roles as co-interim CEOs in June after the departure of The RealReal’s founder, chairperson and CEO Julie Wainwright.
As PYMNTS reported at the time, Wainwright’s departure was unexpected but came less than a month after the firm reported quarterly results that saw it deliver a $57 million loss for the period — marking 11 consecutive unprofitable quarters since its 2019 initial public offering (IPO) debut.
The RealReal’s reCommerce peers were struggling at the time, too, with shares of Poshmark and thredUP having dropped 75% and 85%, respectively, over the preceding 12 months.
In November — with reCommerce firms still struggling and its own stock having fallen 90% during the year — The RealReal outlined a strategy for becoming profitable that includes overhauling its commission structure, charging more for low-priced transactions, refining its pricing algorithms and looking at other revenue sources.
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