The fashion resale platform has named John Koryl as chief executive and a member of its board of directors, it announced Tuesday. As CEO, Koryl will focus on leading the company to profitability.
Prior to The RealReal, Koryl served as president of Canadian Tire Corporation’s digital division. Rati Sahi Levesque and Robert Julian, who served as co-interim CEOs after The RealReal founder Julie Wainwright abruptly exited the company in June, will return to their positions as chief operating officer and chief financial officer, respectively.
“[Koryl] has extensive experience as an e-commerce and omnichannel executive driving operational excellence and profitability,” The RealReal lead independent director Rob Krolik said in a statement. “This experience, combined with his proven track record of successfully developing and growing online businesses, make him the right person to lead The RealReal.”
Prior to the Canadian Tire Corporation, Koryl was an executive at Neiman Marcus. His new position is effective Feb. 6.
The RealReal announced last year it would reach profitability by 2024. In its most recent quarter, the company posted a net loss of $47 million on a revenue of $143 million. That’s 33 percent of total revenue compared to 48 percent in the same period the prior year.
Like other fashion tech companies on the public market, The RealReal has seen its stock value plummet in the past year as investors began to prioritise profitability over sales growth.
Learn more:
The Future of Fashion Resale Report | BoF Insights
BoF’s definitive guide to fashion resale, covering the evolution of the market, its growth and upside, consumer behaviours and recommendations for crafting a data-driven resale strategy.
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