Online luxury fashion retailer Farfetch is set to launch a new resale platform, aiming to capitalise on the increasingly lucrative pre-owned luxury market.
Its new pilot Second Life will allow its customers to trade second-hand designer handbags in exchange for credits which can be used to make purchases on Farfetch.
The pilot is being led by vintage accessory and apparel curator Upteam, which has received “mentorship, knowledge, networking opportunities and early-stage funding” through Farfetch’s incubator programme Dream Assembly.
Customer will now be able to sell their preloved handbags through Farfetch’s sister site secondlife.farfetch.com.
First, they will have to send information and pictures of their handbags, which will then be reviewed by staff, who will then suggest a price for the bag within 48 hours.
If the customer accepts the price, a free courier will be sent to collect the bag, and the customer will be given credits worth the value of the bag to spend on Farfetch.
“Like the online luxury market, the pre-owned luxury market is growing rapidly, and is likely to double in size to reach $51bn over the next five years,” Farfetch’s chief commercial officer Giorgio Belloli said.
“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.”