Luxury fashion e-commerce giant Farfetch has made a significant move into the resale market with its acquisition of Luxclusif. The primary focus of this acquisition is to enhance Farfetch’s resale capabilities through the integration of Luxclusif’s technology platform and team. By gaining access to Luxclusif’s expertise, Farfetch aims to develop key technological advancements such as automated pricing and faster expansion into different geographical locations and product categories.
The luxury resale market has experienced considerable growth in recent years due to the increasing consumer demand for more affordable luxury items and a growing awareness of sustainability. This trend has led to the emergence of various resale sites and fashion rental platforms in different price ranges. Just yesterday, Burberry joined this sector through a partnership with My Wardrobe HQ.
Established in 2013, Luxclusif operates as a B2B service provider that facilitates the acquisition, authentication, and sale of second-hand luxury goods on global platforms including auctions, retailers, e-commerce sites, and stores. With the acquisition of Luxclusif, Farfetch and the newly joined Luxclusif team aim to establish themselves as the leading global platform for pre-owned luxury, catering to both customers and industry partners.
Farfetch has maintained a close working relationship with Luxclusify for several years, initially through its start-up accelerator program and more recently through its own resale service, Farfetch Second Life. The Luxclusif platform has been utilized by Farfetch in Europe to authenticate, price, and sell pre-owned handbags submitted by customers in exchange for Farfetch credit. The Luxclusif team will continue to oversee the operations of the Second Life platform and work on integrating new partners into the program.
In addition to the Second Life platform, Luxclusif will continue to sell pre-owned products acquired from specialist suppliers and luxury consumers through similar programs run for other luxury industry partners. Giorgio Belloli, Farfetch’s Chief Commercial and Sustainability Officer, views this acquisition as an opportunity to expand the company’s pre-owned offering for customers, brand and retail partners, and other suppliers of pre-owned products. The goal is to establish Farfetch as the leading global platform for pre-owned luxury, acknowledging the rapid growth of the market and its increasing significance to luxury consumers and the industry as a whole.
Useful links:
Farfetch Website
Luxclusif Website
