British luxury e-commerce company Farfetch launches luxury brand bag resale pilot project

Farfetch, a British luxury e-commerce company, announced the launch of Farfetch Second Life, a luxury brand bag resale pilot project in the UK and some European countries.

Farfetch Second Life is part of Farfetch Sustainability Project Positively Farfetch, project partner Hong Kong second-hand luxury bag and accessory curation company Upteam is one of the first companies to be selected into the Farfetch technology startup accelerator project Dream Assembly.

Users can log in to the secondlife.farfetch.com Dacoz website to upload bag details and photos, Upteam will review the product and give a specific recycling quote within 2 business days. If the user is satisfied with the price given by the platform, the goods can be sent through the free pick-up service.

After receiving the goods, the appraisal team will further evaluate the goods. After the assessment is completed, Farfetch will pay the user's income in this transaction as a credit to the user's account at Farfetch for use in future purchases of Farfetch's merchandise. Currently, there are 27 luxury brands that can trade in the Farfetch Second Life project.

According to a survey by ThredUp, the US fashion resale website, the second-hand luxury market will double to $51 billion over the next five years. Giorgio Belloli, chief business and sustainability officer at Farfetch, said that as luxury goods become more connected to sustainable fashion, consumers are increasingly interested in second-hand resale. Farfetch Second Life will serve as a breakthrough for the group to enter the second-hand resale market, helping them understand their perceptions and preferences for such services.

In April 2018, Farfetch announced the Dream Assembly project to improve its technology in the retail, luxury and fashion sectors.