Farfetch, the leading e-commerce website for luxury goods, has acquired the resale platform Luxclusif.
Farfetch has acquired Luxclusif Group for an undisclosed amount. The latter was founded in 2013 and is a B2B service provider with a solution that enables the acquisition, authentication and sale of pre-owned luxury goods. Farfetch is making the move to significantly accelerate its resale capabilities with this acquisition. Among other things, it will allow the platform to develop technologies such as automated pricing and expand its geographic reach through its Farfetch Second Life resale site.
Together, Farfetch and Luxclusif can leverage this positioning to become the leading global pre-owned luxury platform for customers and various players in the luxury industry.
Farfetch has been working closely with Luxclusif for several years, first through its start-up accelerator program and more recently through the resale service, Farfetch Second Life. Following the closing of the transaction, the Luxclusif team will operate the Farfetch Second Life platform service, integrating existing and new partners into the program. In addition, Luxclusif will continue to sell pre-owned products acquired from specialty suppliers and luxury consumers through Second Life or similar programs they operate for other luxury industry partners. They will also be able to leverage white-label pre-owned product propositions for Farfetch Platform Solutions brand partners.
Giorgio Belloli, Farfecth’s Chief Commercial and Sustainability Officer, commented on the group’s new acquisition, “Luxclusif joining the Farfecth Group allows us to expand the company’s pre-owned product offering for our customers, for brand and retail partners, and for other pre-owned product providers. We want to become the leading global platform for pre-owned luxury. The pre-owned market is growing extremely fast and is of increasing importance to both luxury customers and the luxury fashion industry as a whole.”
Rui Rapazote, co-founder and CEO of Luxclusif, meanwhile, said, “Farfetch is the perfect home for Luxclusif as we look to grow even more. Together, we are focused on growing the resale market through innovation and customized solutions. (…) This will enable us to achieve our goal of becoming the preferred partner for luxury brands and retailers through market-leading innovation and the implementation of data-driven solutions within the resale space.”
Featured photo : © Farfetch