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The RealReal May 10 , 2021 Dear Stockholders , The RealReal Q1 2021 Stockholder Letter After more than a year of navigating the tough challenges created by COVID , we are incredibly pleased to report that we not only returned to growth in Q1 but also achieved our highest quarterly gross merchandise volume ( GMV ) to date . Building on December's 6 % Y / Y GMV growth , Q1 GMV increased 27 % Y / Y , a significant improvement from the 1 % Y / Y decline in Q4 . We brought another 1.5 million members into our community in Q1 , educating them about the lasting value of luxury goods and driving a shift toward more conscious consumption . We also added the greatest quarterly number of new consignors to date to our marketplace in Q1 , and , as of April , surpassed $ 2 billion in cumulative consignor commission payouts . We accelerated from paying out $ 1 billion in commission over our first eight years to paying out the next $ 1 billion in just the past two years , helping our community monetize pieces they are no longer wearing or using and contributing to a more sustainable future . Tackling the challenges of the past year led to numerous innovations and strategic initiatives that , combined , have us better positioned than ever to both build on our momentum and support long- term growth . We have significantly diversified our supply acquisition , expanded our retail footprint and brought millions of new members into the circular economy . We thank our entire The RealReal team for their unwavering dedication to delivering a superior resale experience to our community throughout these unprecedented times . As we build on our recent momentum and march toward profitability , we remain focused on driving scale and operating efficiency gains . While the pandemic limits our visibility , with our return to growth and widespread vaccine distribution , we are optimistic our performance will improve significantly throughout 2021 . Continuing Recovery : Highest Quarterly GMV and Improving Growth Our continued recovery was fueled by overall supply momentum , 34 % Y / Y new buyer growth and the strength of our retail and vendor channels . When we provided our last update in late February , QTD GMV growth through Feb. 19 was 14 % Y / Y . Our recovery continued for the balance of Q1 with growth accelerating in early March and accelerating even further as we lapped the onset of COVID in mid - March . In Q1 , we saw all major categories exhibit growth for the first time since Q4 2019 . Handbags , men's and fine jewelry generated the fastest growth , followed by growth approaching 20 % Y / Y in women's apparel - our largest category and a key driver of new buyer conversion . Apparel 1