Farfetch acquires Luxclusif luxury resale platform
Farfetch has acquired the Luxclusif luxury resale platform for an undisclosed sum.
In a statement, Farfetch said the acquisition will enable it to accelerate its resale capabilities through the development of key technology and service features and faster geographic and category expansion of its resale service Farfetch Second Life.
Founded in 2013, Luxclisif is a B2B service provider with a turnkey solution to enable the acquisition, authentication and sale of second hand luxury goods to and from auctions, retailers, ecommerce platforms and stores. Farfetch has already worked with the company for a number of years.
Following the acquisition, the Luxclusif team will join the Farfetch group which will become the owner of the Luxclusif technology platform.
Giorgio Belloli, chief commercial and sustainability officer at Farfetch said: “Luxclisif 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. We aim to become the leading global platform for pre-owned luxury.
“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. 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 pre-owned category is growing three times faster than the primary market.”
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