Online retailer Farfetch is out to prove that the market for luxury merchandise fits fine with used goods. The eCommerce company is launching its Farfetch Second Life program in the U.S., according to Elle, a fashion industry publication.
The move comes as luxury brands like Prada and Coach are reissuing or playing off styles from years past. On top of that, the pandemic has consumers reaching into their closets to check out what they already own.
Elle said Farfetch Second Life “combines two ever-converging fields: resale and luxury.” Farfetch had kicked off the concept as a pilot program in the U.K. and Europe last year. The program lets customers trade in luxury handbags and get credits to shop newer offerings on Farfetch.com.
The European version of Farfetch Second Life drew in new customers for the company’s platform. London-based Farfetch sells products from over 700 boutiques on its eCommerce site.
Farfetch “was built on the premise of selling existing stock in small boutiques around the world — to better match supply and demand and reduce waste," said Giorgio Belloli, the company’s chief commercial and sustainability officer.
Belloli told Elle that that the new Farfetch Second Life is an extension of the company’s “green” efforts. He predicted that “the secondhand market will continue to become more relevant and a larger part of every business." Belloli added, "Brands are starting to take more responsibility and ownership of what they have already produced." The result, he said, is that companies "are seeing the value in product they have already sold.”
Farfetch has seen massive growth as eCommerce has taken off during the pandemic. The company has just announced that its third-quarter results, which had Gross Merchandise Value (GMV) surging to $797.8 million from $492 million in the same quarter the previous year.
The eCommerce luxury fashion platform also reported digital platform GMV of $674.1 million, up from $420.3 million the previous year, according to an announcement.