Farfetch rolls out its ‘Second Life’ resale service in the Middle East
DUBAI, United Arab Emirates – Farfetch launched its handbag resale program in the United Arab Emirates, Kuwait and Saudi Arabia. Farfetch Second Life offers customers the opportunity to free up space in their closet by selling unused designer handbags and earning Farfetch credit in return. The program is a key pillar of Positively Farfetch, the company’s mission to become the global platform for good in luxury fashion.
Giorgio Belloli, chief commercial officer and head of sustainability at Farfetch, told WWD that Second Life has been very popular since its launch two years ago. “We started operating the service in the UK and Europe before launching it last year in the US as well. Farfetch Second Life is now available in 30 countries in Europe and the United States. We’re excited to evolve this model globally and look forward to expanding the categories that consumers can give a second life.
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He said the global used luxury market is growing rapidly and is expected to reach $ 64 billion over the next five years. “Circularity is becoming more and more important for luxury customers. “And in terms of Second Life growth, items sold through the program grew 332% in 2020.”
Belloli added that her customers embrace the choice of fashion consciously. Conscious product sales grew 3.4 times faster than the Farfetch Marketplace average and accounted for over 5% of the group’s GMV in 2020. “We are seeing that consumers are increasingly aware of how they consume fashion and that they can take concrete action for conscious choice.
Second Life is designed to facilitate the resale of luxury customers. Farfetch customers can visit the website to submit information and photographs of the bags they wish to sell. These are reviewed by an external partner, who then offers a price within two working days. If the customer accepts the price, the bag is sent for verification and once verified, Farfetch immediately credits the consumer’s account with the value offered.
In the Middle East, Farfetch collaborates with The Luxury Closet, a resale platform for high-end luxury products already well established in the Gulf countries. The region, with its appetite for luxury handbags, was a natural extension for the business, according to Edward Sabbagh, vice president of growth and general manager of Farfetch, EMEA. “The Middle East has emerged as a huge opportunity. We have been committed to our sustainable development approach for a few years now and our regional customers have a strong appetite to buy more consciously.
For Farfetch, Second Life is one of many key programs that enable the company to meet its sustainability goals by 2030. The company also offers a donation service available in Europe and the United States that enables hassle-free donations in exchange for Farfetch Credit, a fashion imprint tool to help consumers easily identify and understand the environmental impact of their wardrobe choices, and a service called the Fix service. for the repair of luxury items.