Luxury fashion platform Farfetch has announced it has acquired resale site Luxclusif for an undisclosed amount, further extending its footprint in the resale sector. The acquisition will see both Luxclusif’s technology platform and team join the Farfetch group.
The B2B service enables the authentication and sale of second-hand luxury goods to and from auctions, retailers, e-commerce platforms and stores. The company has worked with Farfetch on a number of projects over the years, including the recent launch of Farfetch’s resale service, Farfetch Second Life.
The acquisition will further allow Farfetch to accelerate its resale through developing key technology and services, such as automated pricing and the faster geographic expansion of its own resale site.
The duo plan to leverage both their capabilities and positioning to “become the global platform for pre-owned luxury”, operating for both customers and industry partners.
“The pre-owned market is growing extremely fast and is increasingly important to both luxury customers and to the luxury fashion industry as a whole,” commented Giorgio Belloli, chief commercial and sustainability officer at Farfetch, in a release. “Farfetch’s Conscious Luxury Trends Report 2020 showed that more than half of our customers have bought or sold pre-owned in the last year and industry estimates suggest the preowned category is growing three times faster than the primary market.”
He added: “Luxclusif will help us accelerate our capabilities and reach in this area. Having supported Luxclusif as a start-up, bringing them into the Farfetch family marks an exciting culmination in our work to support and develop some of the world’s most exciting fashion and retail tech start-ups.”
Looking towards a goal to become the global platform for pre-owned luxury
Following the completion of the acquisition, Luxclusif’s team will operate Farfetch’s Second Life platform service, overseeing the integration of both new and existing partners into the programme. Luxclusif will continue to sell pre-owned goods from its own partners through Second Life or similar programmes it operates for.
Rui Rapazote, co-founder and CEO of Luxclusif, said on the acquisition: “Farfetch is the ideal home for Luxclusif as we seek to scale even further. Together, we are very much focused on growing the resale market through innovation and tailored solutions.
“Luxclusif’s culture of continuous experimentation and innovation will continue to be nurtured and I am very excited about the potential for creating and delivering valuable turnkey solutions to a growing cohort of global partners. This will allow us to meet our goal of becoming the preferred partner for luxury brands and retailers through leading market innovation and the implementation of data-backed solutions within resale.”