Farfetch acquires resale platform Luxclusif

Luxury retail marketplace Farfetch has bought resale platform Luxclusif for an undisclosed amount.

Luxclusif is a B2B platform that enables the sale and acquisition of second-hand luxury goods to and from auctions, retailers, e-commerce platforms, and stores worldwide.

Luxclusif’s technology platform is included in the deal and its entire team is set to join the Farfetch group.

Farfetch said the deal will significantly accelerate its resale capabilities through the development of technology and service features, such as automated pricing, and via faster geographic and category expansion of its resale service, FARFETCH Second Life.

Farfetch said it has collaborated with the Luxclusif for several years, first through its start-up accelerator program and recently with its resale service Farfetch Second Life.

The pandemic saw the British-Portuguese marketplace grow its sales; it reported revenue growth of 46 per cent to $485 million (£344 million) in the first quarter of 2021.

Farfetch has reported revenue growth of 46 per cent to $485 million (£344 million) in the first quarter of 2021. The online luxury fashion platform saw post-tax profits of $517 million (£367 million.)

“Luxclusif 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,” said chief commercial and sustainability officer Giorgio Belloli at Farfetch.

“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.”

He added: “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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