British-Portuguese online luxury fashion retail platform, Farfetch is expanding its pre-owned proposition following the purchase of resale platform Luxclusif.
Luxclusif's technology platform and the team of employees will join Farfetch, enhancing its resale capabilities with important technical and service elements like automated pricing and faster geographic and category expansion of its resale business, Farfetch Second Life.
Luxclusif is a business-to-business service founded in 2013, that acquires, authenticates, and sells used luxury items to and from auctions, shops, e-commerce platforms, and stores all over the world.
Giorgio Belloli, Farfetch's Chief Commercial and Sustainability Officer, said that Luxclusif joining the Farfetch group allows them to expand the company's pre-owned offer for their customers, brand and retail partners, and other suppliers of pre-owned products. They want to be the world's leading pre-owned luxury marketplace. The luxury pre-owned sector is exploding, and it's becoming increasingly vital to both premium customers and the luxury fashion industry as a whole.
Farfetch went on to say that it had "worked closely with the platform for a number of years," first through its start-up accelerator program and then through its resale service. After the deal is completed, the Luxclusif team will run Farfetch's Second Life platform service, integrating both existing and new partners.
Luxclusif will also continue to offer pre-owned items acquired from specialist suppliers and luxury consumers on Second Life and on comparable platforms for other luxury sector partners. They will also be able to provide FARFETCH Platform Solutions brand partners white-label pre-owned propositions.
Environmental concerns and good public attitude are driving luxury players like Gucci, Burberry, and Valentino to adapt to expanding consumer demand, making the secondhand market a burgeoning area for the luxury business. According to Farfetch's Conscious Luxury Trends Report 2020, more than half of its consumers purchased or sold pre-owned items in the previous year, and industry projections indicate that the pre-owned market is growing three times faster than the main market.
Guilherme Faria, Co-founder and Chief Operating Officer of Luxclusif, said that Farfetch and Luxclusif share a vision of a cleaner, conscious, circular, and inclusive fashion industry, and they are also aligned as tech enablers and industry leaders in their fields. With Farfetch's scale, reach, and recognition in the fashion industry, they believe that they now have the opportunity to be the global leader in resale technology. They're about to embark on a thrilling adventure.
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