Farfetch Will Give A Second Life To Your Designer Bag!
Apart from going seasonless, this season another major trend that designers have been following is merging luxury with resale. Resale...
Apart from going seasonless, this season another major trend that designers have been following is merging luxury with resale. Resale – what was once not accepted in the luxury fashion industry, now seems to be widely accepted especially after Fall 2020, as buyers are seeing prestige in resale designer products, as well as the designers see reselling as a badge of honor these days as it adds value to their products and gives them a second life! Designers like Stella McCartney, Burberry, and Gucci have partnered with a resale giant The RealReal to encourage people to sell off their vintage pieces to everyone by offering a certain incentive. Today, Farfetch – an online store created for connecting shoppers to boutiques far away in London, which also is known for its special pre-owned goods selling section has extended its Second Life project from UK. and Europe to the United States!
Through this Second Life project, Farfetch is promising to break down the traditional wall built between reselling and the luxury fashion industry. Farfetch’s Cheif Commercial and Sustainability Officer Giorgio Belloli revealed that “resale is an area of increasing interest for our customers,” and added that the pre-owned luxury market / reselling luxury market is going to make around $64 billion by 2025.
The way Farfetch is planning on carrying out this Second Life project is by allowing its customers to sell their designer bags in an exchange for Farfetch online store credit which they can use to shop for new collections sold on the website. This e-commerce giant has been selling pre-owned high-end items for over a decade now, the sole reason for it is to limit waste and maintain its ongoing green efforts.
As the number of conscious consumers is increasing day by day, there is a high demand for sustainable options for shopping, and reselling is the first thing that comes to the minds of green consumers. Belloli predicts, “the secondhand market will continue to become more relevant and a larger part of every business” as reselling extends the life cycle of the product. Now we are seeing that brands like Coach and Prada are taking more credit for their previously launched collections, and re-issuing those popular designs in their current collections. It will be interesting to see in the next five years what will be the priority of these designers, launching new styles or re-issuing classic styles? Whatever it may be, it will surely bring a revolutionary shift in the luxury fashion industry!