The Entrepreneurial Journey of Wes Edens

Wes Edens is a man with many a passion. As a businessman and an investor, he also has a knack for sports as he co-owns, along with Marc Lasry, a basketball team that plays in the NBA; the Milwaukee Bucks. Mr. Edens was born on October 30th, 1961 and graduated from Oregon State University some 23 years later, with a Bachelor’s of Science in Finance and Business Administration.Three years after his graduation, Wes Edens began his career journey as a partner and managing director at Lehman Brothers where he worked until 1993. Wes then joined another company; BlackRock Asset Investors albeit in the same capacity of managing director where he worked for four years.

A year later, in 1998 Wes Edens embarked on a partnership that founded the company that would make him a household name in the business world across America. The company, Fortress Investment Group would become the first buyout firm to be publicly traded when it did in February 2007, gaining $600 million for an 8% share by the year 2009. It is with this success that The Wall Street Journal described Edens as “having a knack for building a business from investments”. As from 2009, Edens serves as the Co-Chairman in the board of directors at Fortress Investment Group. He also Chairs Nationstar Mortgage, which is a subprime home equity mortgage lender acquired by F.I.G in 2006.

According to BizJournals, Wes Edens takes home a staggering $54.4 million in annual salary a figure that has accumulatively helped him join the billionaires club, with Forbes listing him at number 962 of the top billionaires globally with a net worth of $1.6 Billion. Apart from Fortress Investment Group, Wes has also invested in sports, and as earlier said, co-owns an NBA team which they purchased for $550 Million from its previous owner Herb Kohl. He also owns a League of Legends eSports team by the name of FlyQuest which was formed on the 6th of January 2017.At the age of 56, Wes Eden is a family man, married to Lynn Edens with whom they have four children.

RealReal, The Future of Retail Luxury!

The RealReal, a 6-year-old posh online consignment store has transitioned into a brick and mortar retail market, offering premium shopping options. The resale store was founded by Chief Executive Officer Julie Wainwright who is no stranger to the startup industry. She has been involved in multiple dot.com companies like Pets.com. The RealReal’s cornerstone store in New York City is by far the latest rage for true shopping enthusiasts. The emporium houses a cafe and flower shop which further creates a magnificent experience for its customers. The RealReal is working toward expanding its brand into cities like San Francisco and Las Vegas. Director of marketing, Allison Sommer explains that each new region will offer something different. The RealReal fosters continuity by selling glamorous fashion wear, home decor, and exquisite jewelry lines, but they are finding that customers are craving more possibilities. The company prides themselves on staying in front of keeping their customers happy.

The digital store noticed that when they delivered pop-up experiences, their retail sales skyrocketed. This type of marketing enables them to brand like no other initiative. It allows the brand to creatively gain awareness. The store is careful in the selection of its sales staff. The RealReal has been known to seek sales talent from high-end stores like Gucci and Sotheby’s. The store leads in presenting remarkable enjoyment for their customers; they offer shopping events for their very important customer sector as well classes on themes like “How to value a diamond” and “The history of Chanel”.

Consignment shop sellers, or “consignors” play a major role in The RealReal’s success. These sellers can now visit the in-store consignment locations to receive real-time price quotes on merchandise. They also can conveniently drop off items to be sold online. Strangely enough, a majority of The RealReal’s new consignors have never taken part in reselling before. The store takes great measures in inspecting and authenticating all items they acquire, which strongly contributes to sustaining brand reliability and customer trust. The shop is hoping that more and more people will explore buying and selling in this manner in the future.