E-commerce luxury retailer Farfetch (London) will enter the resale market with an offer dubbed Farfetch Second Life, according to Women’s Wear Daily. The service invites customers to resell their gently used handbags for credit they can use for future purchases on the site.
“No matter what we do with conscious brands, it’s still the same model of making things, selling them and not seeing them again. But there’s a whole area of innovation around the pre-owned and resale market which is key for us to explore,” said Tom Berry, Global Director of Sustainable Business, Farfetch.
The resale market is reportedly expected to double in size in the next five years, reaching $51 billion.