which enables hassle-free donations in return for Farfetch credit, a Fashion Footprint Tool to help consumers easily identify and understand the environmental impact of their wardrobe choices, and a service called Fix service for repairing luxury items. The company also has a donate service available in Europe and the U.S. We’ve been on our sustainability journey for a few years now and our regional customers have a strong appetite for shopping more consciously.”įor Farfetch, Second Life is one of several key programs that are moving the company toward its 2030 sustainability goals. “The Middle East stood out as a huge opportunity. The region, with its appetite for luxury handbags, was a natural extension for the business, according to Edward Sabbagh, Farfetch’s vice president of growth and managing director, EMEA. In the Middle East, Farfetch is collaborating with The Luxury Closet, a premium luxury resale platform that already has a strong foothold in the Gulf countries. If the customer accepts the price, the bag is sent for verification and once verified, Farfetch immediately credits the consumer’s account with the offered value. Order your FARFETCH Donate bag today (currently only available in the UK). Those are reviewed by an outside partner, who then offers a price within two business days. Farfetch customers can visit the website to submit information and photographs of the bags they wish to sell. Second Life is designed to make resale easier for luxury customers. Luxclusif and Farfetch have worked together through Farfetch’s startup accelerator program and Farfetch Second Life, where Luxclusif authenticated, priced and sold pre-owned handbags in Europe. “We’re seeing that consumers are increasingly more aware of how they consume fashion, and that they can take actionable steps to make conscious choices.” Sales of conscious products grew 3.4 times faster than the Farfetch Marketplace average and represented over 5 percent of group GMV in 2020. “And in terms of the growth of Second Life, items sold through the program have increased 332 percent in 2020.”īelloli added that its customers are embracing choosing fashion in a conscious way. “Circularity is becoming increasingly important to luxury customers - for example, a recent customer study we did showed that 52 percent of our customers had bought or sold a pre-owned luxury item in the past year,” said Belloli. Additionally, LUXCLUSIF will continue to sell pre-owned product they acquire from specialist suppliers and luxury consumers through Second Life or similar programs they operate for other luxury industry partners and also operate white-label pre-owned propositions for Farfetch Platform Solutions brand partners.He cited that the global pre-owned luxury market is growing rapidly and is forecast to reach $64 billion within the next five years.‘Utilizing this model means that Second Life customers get given an upfront price quote, and once they. The company is eyeing category and regional expansion under its Farfetch Second Life program.įollowing completion of the transaction, the LUXCLUSIF team will operate Farfetch’s Second Life platform service, integrating both existing and new partners into the program. The benefits of using FARFETCH Second Life 'We chose to launch our Second Life service with a buy-upfront model as we wanted to deliver a luxury experience to our customers,’ says FARFETCH’s senior sustainable business manager, Emma Britton, who specializes in circular services. The move signals Farfetch’s desire to expand its resale capabilities by bringing them further in-house. The deal includes LUXCLUSIF’s technology platform, and the LUXCLUSIF team will join Farfetch group. LUXCLUSIF is a B2B service provider with a successful turnkey solution enabling the acquisition, authentication and sale of second hand luxury goods to and from auctions, retailers, e-commerce platforms, and stores worldwide.Farfetch (NYSE: FTCH) is furthering its pre-owned proposition with the acquisition of resale platform LUXCLUSIF for an undisclosed sum. Shopping sustainably has become much easier, thanks to the launch of the Second Life service here on FARFETCH.
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