![]() The company’s rollout of the Second Life program marks an extension of its effort to promote sustainability in the fashion industry. ![]() and the rest of Europe last year, allowing customers to sell their products for a FarFetch store credit.įarfetch “was built on the premise of selling existing stock in small boutiques around the world - to better match supply and demand and reduce waste,” said Giorgio Belloli, the company’s chief commercial and sustainability officer. The move comes at a time when several luxury brands are eyeing the resale market, which is growing about four times faster than the primary luxury market, representing a $24 billion market today, according to Luxe Digital.įarFetch initially debuted its Second Life program in the U.K. For the latest news, follow us on Twitter, Facebook, and Instagram.Luxury retailer FarFetch has officially launched the Farfetch Second Life store, where consumers can sell pre-owned luxury products. What Stood Out in Farfetch’s First ESG Report ![]() While Farfetch is bullish in leading with its “pre-owned proposition,” according to Belloli, the platform seeks to be the ultimate destination for both pre-owned and new luxury fashion.Ĭonscious Luxury Business Skyrockets on Farfetch By that same report, Farfetch said more than half of its customers have been buying or selling pre-owned in some capacity. The program, which is a key aspect of its sustainable pitch under Positively Farfetch, allows shoppers to sell pre-owned designer handbags for shopping credit.Ĭertain names are on its list for reselling handbags on Farfetch Second Life, including the usual suspects Chanel, Burberry, Prada, Gucci and Stella McCartney.īelloli said Farfetch Second Life is eyeing expansion to China as consumers there are “opening up to the idea of pre-owned.” “Between new regions and new categories, there is still a lot that we can capture in terms of market share,” he said.Īccording 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 percent last year. While Farfetch doesn’t report what percentage of its business is pre-owned across its platform, Belloli said it is “significant.” Today, the Farfetch Second Life program is available in the U.S., the U.K., select European markets and most recently, the Middle East. Re-commerce middlemen like Trove, Archive and Recurate are already taking (brand) names and eyeing the billion-dollar opportunity in brand-owned resale. Last year was the tipping point for brands entering resale - with more and more brands and retailers entering the space, among them Gap, 3.1 Phillip Lim, Nordstrom, Walmart, Gucci, Levi’s and Rent the Runway. The list is a roster for guessing any upcoming resale moves. FPS brand partners include the likes of Christopher Kane, Nicholas Kirkwood, Roberto Cavalli, Heron Preston, Palm Angels, Off-White, 3.1 Phillip Lim, as well as retailers like Harrods and Browns. In addition to the ongoing operations of Farfetch’s Second Life platform, Luxclusif will be a service to brands under the company’s Farfetch Platform Solutions - a suite of commerce and retail tech solutions founded in 2015. ![]() You can imagine the opportunity to replicate what we’re doing for Farfetch, but for brands directly,” Belloli added. “Much of the vision is to use the Luxclusif platform to operate a white-label proposition for brands and retailers. White-label resale is a lucrative target for Farfetch. ![]() “Because of the relationship we’ve had with Luxclusif over the past few years, we felt it was the right time to join forces and to really try to accelerate some of the services that, combined, we can make available for the industry.” “Farfetch has been working with pre-owned and vintage boutiques since Day One, so it’s been now over 10 years, and it’s always been part of our proposition.…Now, we definitely see the overall market accelerating,” Giorgio Belloli, chief commercial and sustainability officer of Farfetch, told WWD. ![]()
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