Luxury resale platform Open for Vintage (OFV) has partnered with Luxclusif, a subsidiary of Farfetch, to introduce a new handbag buy-back service called The Loop. This service will be available on OFV’s website and will initially launch in the UK and EU markets, with plans to expand to the US later on. Customers can now trade in their designer handbags in exchange for store credit that can be used for future purchases on OFV.
To utilize The Loop, customers need to provide product details and photographs of their bags. Within two days, a proposed buy-back price is generated. If the customer accepts the price, the bag is sent to Luxclusif for verification, free of charge. Once the bag is verified, OFV provides store credit to the customer, while Luxclusif retains ownership of the bag. This partnership will also increase the availability of pre-owned merchandise across the wider Farfetch network.
OFV’s CEO, Colin Saunders, stated that the launch of The Loop and the partnership with Luxclusif aligns with their mission to create a trusted destination for resale. They aim to provide customers with a unique experience to discover and shop luxury goods while extending their lifecycle. This collaboration will connect Luxclusif with OFV’s global luxury customer base, which spans over 40 countries. Additionally, Luxclusif’s presence on the OFV platform will expand OFV’s stock offerings.
The launch of The Loop coincides with a major website upgrade for OFV, which includes migrating to Farfetch-owned order management company Onport. This move will allow OFV to scale and accelerate its international growth by leveraging Onport’s technology and marketplace expertise.
By offering customers the option to trade in their designer handbags and integrating Onport’s technology for a seamless experience, OFV aims to further establish itself as a leading platform in the luxury resale market. They are committed to providing a trusted destination for luxury fashion lovers looking to shop sustainably.
Useful links:
1. Open for Vintage website
2. Farfetch website
