Farfetch second life1/8/2024 ![]() They will also be able to operate white-label pre-owned propositions for Farfetch Platform Solutions brand partners. For Second Life, Luxclusif provided the platform in Europe to authenticate, price and resell pre-owned handbags submitted by customers in exchange for Farfetch credit.įollowing completion of the transaction, the Luxclusif team will operate Farfetch’s Second Life platform, integrating existing and new partners into the programme.Īdditionally, Luxclusif will continue to sell pre-owned product they acquire from specialist suppliers and luxury consumers through Second Life or similar programmes they operate for other luxury industry partners. The online store sources exceptional pieces from across the globe. After proving its success internationally, e-commerce retailer Farfetch have announced that they will be launching their Second Life initiative to the. ![]() Firstly, information and photos of the bag (s) intended to be sold need to be uploaded via their website. The relationship developed and the retail platform developed the product Farfetch Second Life for second hand ‘vintage’ products. The resale process for FARFETCH Second Life is incredibly simple for customers. At that time, Luxclusif joined Farfetch’s startup acceleration programme Dream Assembly. Dubbed Farfetch Second Life, the service will allow customers to sell their pre-owned luxury handbags in exchange for Farfetch credit, which will be given upfront. The two companies have worked closely together in the market since 2018. Farfetch in 2019 piloted in Europe, and subsequently launched in the U.S., Farfetch Second Life, which lets consumers to trade in their designer handbags for credit to be used toward future. In addition to integrating Luxclusif’s 100 plus staff, Farfetch, which was founded by entrepreneur José Neves, will now be able to be “a global platform for luxury second hand products for consumers and luxury fashion industry partners”. “A luxury re-sale programme like Farfetch Second Life, allows us to enter this market and test the demand of Farfetch customers for this kind of service.The Portuguese fashion platform unicorn Farfetch has purchased the luxury fashion online platform Luxclusif.įound in 2013, Luxclusif, which has Portuguese founders and an office in Porto, works with other companies and “buys, authenticates and sells on second hand luxury products and also buys from and for retail auction houses, electronic retail sale platforms and shops all over the world”, according to a communiqué. “Like the online luxury market, the pre-owned luxury market is growing rapidly, and is likely to double in size to reach $51bn over the next five years,” Farfetch’s chief commercial officer Giorgio Belloli said. If the customer accepts the price, a free courier will be sent to collect the bag, and the customer will be given credits worth the value of the bag to spend on Farfetch. According to Farfetch’s first Conscious Luxury Trends Report released in April, circular fashion is resonating strongly with its shoppers, with its Second Life retail service growing 527. READ MORE: JD.com revenues jump 24% as it extends partnership with Farfetchįirst, they will have to send information and pictures of their handbags, which will then be reviewed by staff, who will then suggest a price for the bag within 48 hours. Farfetch Clothing Pros Over 1,200 designer brands and trendy styles to choose from for men, women, and children Offers customers sustainable options by recommending certain brands. The pilot is being led by vintage accessory and apparel curator Upteam, which has received “mentorship, knowledge, networking opportunities and early-stage funding” through Farfetch’s incubator programme Dream Assembly.Ĭustomer will now be able to sell their preloved handbags through Farfetch’s sister site. Its new pilot Second Life will allow its customers to trade second-hand designer handbags in exchange for credits which can be used to make purchases on Farfetch. Online luxury fashion retailer Farfetch is set to launch a new resale platform, aiming to capitalise on the increasingly lucrative pre-owned luxury market.
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