Farfetch Ltd.

05/13/2019 | Press release | Distributed by Public on 05/13/2019 08:31

Farfetch Unveils Handbag Pilot Re-sale Service, Farfetch Second Life, As Part Of Its Sustainability Strategy, Positively Farfetch

Farfetch Unveils Handbag Pilot Re-Sale Service, Farfetch Second Life

13.05.2019

  • Luxury pilot re-sale programme accessible at secondlife.farfetch.com
  • In partnership with partner from Dream Assembly's first cohort
  • Consumers can trade handbags for Farfetch credit

LONDON 13th May 2019: Farfetch Limited (NYSE: FTCH), the leading global technology platform for the luxury fashion industry, has today announced the launch of Farfetch Second Life, a pilot re-sale programme for designer handbags. Customers using secondlife.farfetch.com will be able to trade their designer handbags in exchange for credit to be used towards future purchases on Farfetch.

Users visiting secondlife.farfetch.com will be able to submit information and photographs of the bags they are selling. This will then be reviewed by Farfetch's partner, who will propose a price within two business days. If the price is accepted, the consumer schedules a free courier pick-up for the bag to be sent to the team to verify. Farfetch then adds credits of the value of the offer to the customer account, for the consumer to purchase new items on Farfetch.com.

As part of Positively Farfetch, Farfetch Second Life exemplifies Farfetch's mission to become the global platform for good in luxury fashion - empowering everyone we work with to think, act and choose positively. Together with brand and boutique partners, Farfetch is revolutionising and reinventing the fashion industry for the future, in a way that benefits customers, people and the planet.

Giorgio Belloli, Chief Commercial and Sustainability Officer said: 'Luxury fashion is increasingly aligned with sustainable fashion. Resale is an area of increasing interest for our customers. Like the online luxury market, the pre-owned luxury market is growing rapidly, and is likely to double in size to reach $51 billion over the next five years[1]. A luxury re-sale programme like Farfetch Second Life, allows us to enter this market and test the demand of Farfetch customers for this kind of service.'

The pilot has been developed in partnership with one of the partners from Dream Assembly - the technology incubator programme launched in 2018 and will be open to customers in the UK and other European markets. The initial plan allows customers the ability to resell 27 brands [2].

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[1]ThredUp 2019 Resale Report

[2]Initial brands are: Alexander McQueen Balenciaga, Bottega Veneta, Burberry, Bvlgari, Cartier, Celine, Chanel, Chloé, Dior, Dolce & Gabbana, Fendi, Givenchy, Gucci, Hermès, Loewe, Louis Vuitton, Maison Goyard, MCM, Miu Miu, Mulberry, Prada, Salvatore Ferragamo, Stella McCartney, Valentino, Versace and YSL.