Luxury retail platform Farfetch has acquired resale platform Luxclusif for an undisclosed sum, Farfetch announced Thursday (Dec. 9).
The deal gives Farfetch control of Luxclusif’s technology platform, and all Luxclusif employees will join Farfetch, giving the parent company a stronger foothold in the resale market through automated pricing and faster expansion of the Farfetch Second Life resale service.
Luxclusif and Farfetch have worked together through Farfetch’s startup accelerator program and Farfetch Second Life, where Luxclusif authenticated, priced and sold pre-owned handbags in Europe in exchange for Farfetch credit.
“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,” Giorgio Belloli, chief commercial and sustainability Officer at Farfetch, said in the announcement.
“Luxclusif will help us accelerate our capabilities and reach in this area,” he said. “Having supported Luxclusif as a startup, 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.”
Luxclusif will take over operation of Farfetch Second Life and continue to sell the pre-owned products they acquire as well as making white-label pre-owned sales for Farfetch Platform Solutions partners.
“Farfetch is the ideal home for Luxclusif as we seek to scale even further,” said Rui Rapazote, co-founder and CEO, Luxclusif, in the joint announcement. “Together, we are very much focused on growing the resale market through innovation and tailored solutions.
“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,” he said.
Related: Farfetch CEO: Luxury Retail Will be ‘Revolutionized’ by Blending Digital, Physical Experiences
This may not be Farfetch’s last high-profile deal, either. Last month, PYMNTS reported that Farfetch is in advanced talks with luxury goods conglomerate Richemont to become a minority stakeholder in YOOX Net-a-Porter and provide its technology to Richemont while welcoming the company’s brands to its marketplace.
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