The Galeries Lafayette group has recently announced the closure of InstantLuxe, a second-hand luxury e-tailer that has been in operation since 2009. Founded by Yann Le Floc’h and acquired by Galeries Lafayette in 2016, InstantLuxe aimed to tap into the growing market for pre-owned luxury goods online. Unfortunately, after several years of effort, the decision has been made to shut down the platform in the coming weeks.
InstantLuxe offered a range of second-hand luxury items including accessories, leather goods, jewelry, and watches, catering to discerning customers looking for quality items at a more affordable price point. Despite attempts to establish a physical presence in department stores in Paris, the platform struggled to achieve profitability, facing stiff competition from established players like Vestiaire Collective and Vide Dressing.
The closure of InstantLuxe will impact the ten employees of the website, who now face uncertainty regarding their future employment. However, there is hope that they may be absorbed into other roles within the Galeries Lafayette group, offering some reassurance during this transitional period. As for founder Yann Le Floc’h, his future within the group is still up in the air.
In the wake of the InstantLuxe closure, Galeries Lafayette has been actively bolstering its e-commerce presence through strategic acquisitions. The 2017 acquisition of La Redoute, a prominent French mail order and e-commerce company, has positioned the group for further growth in the online sphere. Moreover, the ownership of BazarChic, an event sales platform specializing in various sectors, further solidifies their commitment to digital expansion.
Despite the setback with InstantLuxe, Galeries Lafayette is dedicated to enhancing its e-commerce footprint through continued acquisitions and partnerships. The shifting landscape of the luxury goods market will continue to inform the group’s digital strategy going forward, ensuring that they remain competitive in an increasingly digital world.
For more information on Galeries Lafayette and their digital strategy, visit their official website here. Additionally, to learn more about the luxury goods market and the impact of e-commerce, check out this informative article here.
