Luxury resale company The RealReal, which went public in June 2019, is nearing profitability.

“Next year, we will be profitable on a full-year basis,” Rati Sahi Levesque, the company’s president and chief operating officer, said on the latest episode of the Glossy Podcast. 

And big changes were made to ensure the goal is met: “Last year was really a reset year. [After] looking at our product mix, our operating expenses and our real estate, we rejiggered the business in a lot of ways.”

That included making some layoffs, closing some stores and restricting the sourcing of inventory to individual consignors — no more buying products from brands. The RealReal’s total revenue for 2022 landed at $603 million, an increase of 29% year-over-year.

Now, Sahi Levesque said the company is focused on “discipline and execution,” when it comes to its 2024 plans. She also discussed the company's strategy for winning sellers, its celeb-fueled launch 12 years ago and its plans to open up to 50 stores within the next 10 years.