But in October 2015, two years after launch, The RealReal ended its licensing
agreement with The RealReal Japan, shuttering the
venture and pointing to a potential flaw in the company's business model, which focused on facilitating transactions between buyers and sellers based in Japan, a market that is already well served, especially in densely - populated areas like the Kantō region, which includes Tokyo,
rather than between Japanese vintage sellers and international buyers, like Farfetch.