Farfetch acquires Luxclusif, expands ‘Pre-Ownership Proposal’ – WWD
Farfetch is continuing to push its pre-ownership proposition with acquisitions resell Luxclusif platform for an undisclosed amount.
Moving signals Farfetchits expanding desire resell by taking them further internally. The company is eyeing the category and regional expansion under its Farfetch Second Life program (more on the bags soon) as well as the technology leader in the business-to-business resale space.
“Farfetch has been working with second-hand and vintage stores since Day One, so it’s been over 10 years and it’s always been part of our recommendation.… Now, we’re sure. see the overall market accelerating,” Giorgio Belloli, Farfetch’s head of commercial and sustainability officer, told WWD. “Given the relationship we’ve had with Luxclusif over the last couple of years, we felt this was the right time to join forces and really try to speed up some of the services, combined, we could be supply to the industry.”
White label resale is a lucrative Farfetch goal. “Much of the vision is to use the Luxclusif platform to operate a white label proposition for brands and retailers. You can imagine the opportunity to replicate what we are doing for Farfetch, but for the brands directly,” Belloli added.
Luxclusif will be housed within the company’s Farfetch Platform Solutions – a suite of commercial and retail technology solutions founded in 2015 – handling resale logistics for FPS brand partners, including Christopher Kane, Nicholas Kirkwood, Roberto Cavalli, Heron Preston, Palm Angels, Off-White, 3.1 Phillip Lim, as well as retailers such as Harrods and Browns.
A list is a list to guess any upcoming resale moves.
Last year was tipping point for brands participating in 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. Re-commercial intermediaries like Trove, Archive, and Recurate have taken the name (brand) and have their eyes on a billion-dollar opportunity in brand-owned resale.
While Farfetch doesn’t report the percentage of its businesses that are pre-owned on its platform, Belloli said the percentage is “important.” Today, the Farfetch Second Life program is available in the US, UK, some European markets and, most recently, the Middle East. The program, which is a key aspect of sustainability pitching within the Positively Farfetch framework, allows shoppers to sell pre-owned designer handbags for shopping credit.
Several names are on the handbag resale list on Farfetch Second Life, including Chanel, Burberry, Prada, Gucci and Stella McCartney.
Belloli said Farfetch Second Life is aiming to expand into China because consumers there are “open to the idea of first-hand ownership.” “Between new regions and new categories, there is still a lot that we can capture in terms of market share,” he said.
According to Farfetch’s First Consciousness Luxurious In a Trends report released in April, round fashion is resonating strongly with shoppers, with retail service Second Life growing by 527% last year. According to the same report, Farfetch says more than half of its customers have buy or sell pre-owned in some capacity.
According to Belloli, while Farfetch is optimistic about leading the way with a “pre-ownership proposition,” the platform is looking to become the ultimate destination for both new and pre-owned money. luxurious fashion.
For more, see:
Skyrockets Conscious Luxury Business Tool on Farfetch
https://wwd.com/sustainability/business/farfetch-acquires-luxclusif-expands-pre-owned-proposition-1235013410/ Farfetch acquires Luxclusif, expands ‘Pre-Ownership Proposal’ – WWD