Net-a-Porter, Mr Porter, and The Outnet, which are all part of the YNAP (Yoox Net a Porter) group, have announced their entry into the second-hand market through a collaboration with second-hand technology specialist Reflaunt. The second-hand clothing sector has seen significant growth in recent years, driven by Gen Z and Millennials. From 2012 to 2020, the market size increased from $11 billion to $33 billion globally. This growth is expected to continue at a rate of 15-20% annually over the next five years, according to a study conducted by BCG for Vestiaire Collective. Estimates from ThredUp suggest that second-hand clothing sales will surpass those of fast-fashion retailers by 2027. In light of these promising figures, luxury brands and specialized marketplaces are taking advantage of the economic opportunities presented by the second-hand market.
Net-a-Porter will be the first to launch its resale platform in partnership with Reflaunt, with plans to roll out the service this autumn. MR PORTER will follow suit, offering the same service to its male customers, followed by THE OUTNET in early 2022. Customers will have the option to send in their gently used branded items such as jewelry, ready-to-wear clothing, and shoes in exchange for store credit with a 10% discount or a bank transfer upon successful sale of the item. Immediate transfers will be available for the most popular resale category, bags, without having to wait for a new buyer. Reflaunt will handle various aspects of the resale process, including product collection, authentication, price recommendations, and professional product photography. Initially, this service will be available in the United Kingdom and the United States, with plans to expand to Germany and Hong Kong at a later date.
This initiative aligns with the YOOX NET-A-PORTER Group’s sustainable development strategy, known as “Infinity,” which aims to promote sustainability and responsibility within the fashion industry by 2030. One of the group’s 12 commitments under this strategy is to “unlock re-commerce.” This collaboration with Reflaunt follows a similar initiative introduced earlier in 2021, where NET-A-PORTER and MR PORTER partnered with Watchfinder & Co to offer a selection of luxury pre-owned watches to customers in the UK and the US.
Useful links:
– Net-a-Porter: https://www.net-a-porter.com/
– Reflaunt: https://www.reflaunt.com/
