Farfetch, the luxury clothing retailer, has announced the acquisition of Luxclusif, a resale site, for an unknown sum, expanding its resale presence. Luxclusif’s technological platform and staff will join the Farfetch group as part of the deal.
The B2B service allows auctions, merchants, e-commerce platforms, and storefronts to authenticate and sell second-hand luxury products. Over the years, the firm has collaborated with Farfetch on a variety of projects, including the recent launch of Farfetch Second Life, the company’s resale service.
Farfetch will be able to expedite its resale by creating crucial technologies and services, such as automated pricing and a faster geographic growth of its own resale site, as a result of the purchase. The firms want to “become the worldwide platform for pre-owned luxury,” operating for both customers and industry partners, by combining their strengths and positioning.
In a statement, Giorgio Belloli, Farfetch’s chief commercial and sustainability officer, said, “The pre-owned market is expanding tremendously quickly and is increasingly vital to both premium buyers and the luxury fashion sector as a whole.” “According to Farfetch’s Conscious Luxury Trends Report 2020, more than half of our consumers purchased or sold pre-owned in the previous year, and industry projections imply the pre-owned market is expanding three times faster than the main market.”
“Luxclusif will assist us in expanding our skills and reach in this area,” he added. Bringing Luxclusif into the Farfetch family is an exciting conclusion of our commitment to assist and grow some of the world’s most intriguing fashion and retail digital start-ups.”
Luxclusif’s staff will run Farfetch’s Second Life platform service when the acquisition is complete, supervising the integration of both new and existing partners into the program. Luxclusif will continue to offer pre-owned items from its own partners on Second Life and other comparable platforms.
“Farfetch is the appropriate home for Luxclusif as we aspire to go even further,” stated Rui Rapazote, co-founder and CEO of Luxclusif. We’re all working hard to expand the secondhand industry through innovation and customized solutions.
“Luxclusif’s culture of constant experimentation and innovation will be maintained, and I am extremely thrilled about the possibilities for inventing and delivering great turnkey solutions to a growing cohort of worldwide partners,” says the CEO. This will help us achieve our objective of becoming the chosen partner for luxury brands and retailers by driving market innovation and implementing data-driven resale solutions.”