An incredibly insightful mix of vulnerable self-reflections and essential lessons in what it takes to build a pillar of the modern fashion industry. Julie cuts the bullshit and demonstrates her exemplary command of pushing through seemingly impossible deals, learning from her failures, and weaving through her personal heartbreak and struggles. For full disclosure, Julie had been advisor to my past startup of which I was co-founder and CTO. I received an advanced copy of this book.
Julie Wainwright is the founder and former CEO of the RealReal, an online marketplace that has sold billions in preowned luxury goods since starting as an authentication service run from her living room. She had build this company after a tough divorce and being called "the dumbest person in the industry" after shutting down Pets.com, the face of the early 2000s dot-com bust.
Julie's approachable yet clever writing voice captures the reader throughout her narration of building The RealReal. I've grown tired of the status quo of business books: pedantic, ghostwritten slop has taken up most bookstore shelf space. Julie instead feels like sitting down to grab brunch with a new friend. She doesn't shy away from sharing her most offbeat stories when building her company: a first warehouse that smelled of bacon and old carpet, getting stopped at TSA for carrying fake billion dollar bills, and unsolicited naked celebrity photos the merchandising team received. You can't overcome business struggles without a sense of humor!
In the arena of tough business lessons, Time to Get Real showcases the gladiator battles necessary to build something truly different in the market. Because resale handbags were once seen as shady pawn shop items, the early team behind The RealReal fought like hell in building all the necessary relationships to have upper echelons of the fashion industry welcome them in partnerships. It's a nuanced, strategic sales pitch to convince the oldest luxury brands that reselling their merchandise strengthens their image and customer relations. She's made risky moves, including cornering the CEO of Gucci at a party to kickstart a partnership.
Behind the astute businesswoman portrayed in this narration is also a human being who doesn't shy from showing how you can't box up your emotions in your professional life. Her complicated stages of grief losing her father post-IPO of The RealReal. Her immense grief and betrayal when the board ousted her as CEO in recent years. Enduring the challenges of building such a company comes with real pain, and Julie's scars are on full display.
As a fellow woman in corporate America, it's refreshing to reading about Julie's actions as an ally to other women. She's taken bold bets on hiring and growing the careers of young woman, many from unconventional backgrounds. The hidden success story in Time to Get Real is showcasing how Rati Sahi, a San Francisco stylist without a traditional corporate resume, started as one of the first hires of The RealReal. Rati grew from managing merchandise in U-Haul containers to the company's current president and CEO under Julie's leadership. Throughout the book, Julie emphasizes that the way she's treated (and many women are treated) in meetings and fundraising pitches is undeniably impacted by gender identity and structural opportunities given and not given because of her gender. It's unnerving to suddenly reflect on the pockets of women's history dropped in this book, that the women in their 50s that you see in the workforce had started working when sexual harassment laws didn't exist. We've come a long way to arrive at the 23rd female founder taking a company public. There's still a long way to go.