Online luxury fashion retailer Farfetch Limited has acquired resale platform Luxclusif for an undisclosed sum. Farfetch aims to significantly accelerate its resale capabilities through the development of key technology and service features such as automated pricing and faster geographic and category expansion of its resale service Farfetch Second Life.

The acquisition includes Luxclusif’s technology platform, and the Luxclusif team will join Farfetch group.

Founded in 2013, Luxclusif is a B2B service provider with a successful turnkey solution enabling the acquisition, authentication and sale of second-hand luxury goods to and from auctions, retailers, e-commerce platforms and stores worldwide. Together, Farfetch and Luxclusif can leverage these capabilities and positioning to become the global platform for pre-owned luxury for both customers and industry partners, the two companies said in a joint media release.

Farfetch has worked closely with Luxclusif for a number of years, first through its start-up accelerator programme and most recently through Farfetch’s resale service, Farfetch Second Life. For Second Life, Luxclusif provided the platform in Europe to authenticate, price and then onsell pre-owned handbags submitted to the programme by customers in exchange for Farfetch credit.

Following completion of the transaction, the Luxclusif team will operate Farfetch’s Second Life platform service, integrating both existing and new partners into the programme. Additionally, Luxclusif will continue to sell pre-owned product they acquire from specialist suppliers and luxury consumers through Second Life or similar programmes they operate for other luxury industry partners. They will also be able to operate white-label pre-owned propositions for Farfetch Platform Solutions brand partners.

Giorgio Belloli, chief commercial and sustainability officer, Farfetch said: “Luxclusif joining the Farfetch group allows us to expand the company’s pre-owned offer for our customers, for brand and retail partners and for other suppliers of pre-owned products. 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.”

Rui Rapazote, co-founder and chief executive officer, Luxclusif, said: “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.”

Fibre2Fashion News Desk (KD)

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