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Farfetch second life12/14/2023 today.Ī look from the store’s Open Doors campaign. The across-the-pond version also served as an advertisement of sorts, drawing in a number of brand-new customers, and will likely bring in more as Farfetch Second Life officially launches in the U.S. It allows customers to trade in their high-end bags in exchange for credit to shop new collections on the site, which mirrors the one-in, one-out approach many of us are taking with our wardrobes right now. Last year, the site began piloting the Farfetch Second Life program in the UK and Europe. When designers re-introduce past styles in their collections (à la the Dior saddle bag or the Fendi baguette) Farfetch has seen increased demand for the pre-owned versions of those items. Belloli found that “resale is an area of increasing interest for our customers,” and he notes that the pre-owned luxury market is predicted to hit $64 billion within the next five years. Its latest project, Farfetch Second Life, promises to further dissolve the barrier between luxury and resale. Guilherme Faria, co-founder and chief operating officer at Luxclusif, said the two newly conjoined companies “share a vision of a cleaner, conscious, circular and inclusive fashion industry and we are also aligned as tech enablers and industry leaders in our fields”.A street-style image promoting the Farfetch Second Life project jonathan paciullo “Together, we are very much focused on growing the resale market through innovation and tailored solutions,” he said. Rui Rapazote, co-founder & CEO of Luxclusif, called Farfetch “the ideal home” for his business as it looks to scale. He added that Farfetch’s Conscious Luxury Trends Report 2020 showed that more than half of the retailer’s customers have bought or sold pre-owned in the last year and industry estimates suggest the pre-owned category is growing three times faster than the primary market. “The pre-owned market is growing extremely fast and is increasingly important to both luxury customers and to the luxury fashion industry as a whole.” Giorgio Belloli, chief commercial & sustainability officer at Farfetch, said: “Luxclusif joining the Farfetch group allows us to expand the company’s pre-owned offer for our customers, for brand and retail partners and for other suppliers of pre-owned products. There will also be an opportunity for Luxclusif to operate white-label pre-owned propositions for brands invested in the ‘Farfetch Platform Solutions’ offering. Additionally, Luxclusif will continue to sell pre-owned products it acquires from specialist suppliers and luxury consumers through Second Life or similar programmes it operates for other luxury industry partners. Luxclusif provided the platform in Europe to authenticate, price and then sell on pre-owned handbags submitted to the programme by customers in exchange for Farfetch credit.įollowing the completion of the acquisition, the Luxclusif team will operate Second Life, integrating both existing and new partners into the programme. The two businesses have already worked closely for several years, firstly through Farfetch’s start-up accelerator programme and most recently in relation to the launch and rollout of the marketplace’s Second Life initiative. The aim is to become a leading global platform for pre-owned luxury for both customers and industry partners. Luxclusif is a B2B service provider, founded in 2013, which enables the acquisition, authentication and sale of second-hand luxury goods to and from auctions, retailers, eCommerce platforms, and stores around the world.įarfetch said the acquisition will significantly accelerate its resale capabilities through the development of key technology and service features such as automated pricing, and faster geographic and category expansion of its own resale service, Second Life. The deal includes Luxclusif’s tech platform, and the transfer of the resale company’s team to the Farfetch group. Luxury fashion marketplace and tech business Farfetch has announced the acquisition of resale platform, Luxclusif, for an undisclosed sum.
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