Luxury online retailer Farfetch has launched a new pilot platform that allows customers to exchange their pre-loved designer bags for store credits.
The new “Second Life” platform, which has gone live on the company's website, comes as part of its growing focus on sustainability, as consumers become increasingly aware of the harm fast-fashion can have on the environment.
So how does it work? Customers upload photos of the bag(s) they want to sell, then the company will respond within two business days to let them know how much credit they’ll earn. Customers can then arrange a free collection of the bag(s), and credit is received within two business days once the bag has been received and verified.
Farfetch worked with Hong Kong-based vintage specialist, Upteam, on the initiative. The brands that can currently be exchanged 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, YSL.
It would seem that Farfetch has good reason to be tapping into the resale industry. According to ThredUp’s recent annual Resale Report, the secondhand market will be 1.5 times bigger than fast fashion by 2028. By then, used items are forecasted to account for an average of 13 percent of people’s closets.
Last month, H&M announced it would trial selling second-hand and vintage clothing on the Swedish site of its & Other Stories brand. Later in April, American retailer Neiman Marcus announced it had bought a stake in online secondhand store Fashionphile, and would be bringing Fashionphile's digital inventory of 15,000 items to its own shoppers.
Photo credit: Farfetch, Facebook