Kristen Naiman, earlier this year at a party celebrating the launch of The RealReal’s Substack. Photo: Courtesy of The RealReal

It’s the eve of the spring 2026 season, which is stacked with 15 designer debuts, and all of us have questions. Conveniently, The RealReal’s eighth annual report is out today and studying it is a little like reading the fashion tea leaves. The day Jonathan Anderson’s Loewe departure was announced, searches for the brand on The RealReal skyrocketed 488%, and Demna’s Balenciaga-for-Gucci swap sent searches on his name up 310% in a single day. On the heels of yesterday morning’s announcement naming Rachel Scott as the new creative director of Proenza Schouler, searches for her own brand Diotima rose by approximately 350% by midday. In contrast, when Donatella Versa

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