Luxury fashion e-tailer Farfetch is dipping its toe into the resale game with a new designer handbag trade-in program.
The iniative, dubbed Farfetch Second Life, will allow consumers to send in their used satchels and totes for site credits, the company said in a statement. Those credits can then be used for future purchases on the Farfetch platform.
The appraisal process requires potential sellers to photograph their handbags for review by an unnamed assessment body, which proposes a selling price within two business days. Should the price be approved, Farfetch organizes a free courier pickup for the products, authenticating them before listing on the site.
Credits are added to a seller’s account as soon as Farfetch takes possession of the goods, allowing sellers to start shopping within a few business days, even if their bag hasn’t sold yet.
The Second Life program currently accepts handbags from 27 luxury brands including Louis Vuitton, Chanel, Fendi, Celine, Prada, Gucci and more. The initial launch services the U.K. and other European markets.
“Luxury fashion is increasingly aligned with sustainable fashion. Resale is an area of increasing interest for our customers,” said Giorgio Belloli, the company’s chief commercial and sustainability officer.
“Like the online luxury market, the pre-owned luxury market is growing rapidly, and is likely to double in size to reach $51 billion over the next five years. A luxury re-sale programme like Farfetch Second Life allows us to enter this market and test the demand of Farfetch customers for this kind of service.”
The pilot program was launched with the help of a partner from Dream Assembly, a Farfetch-funded fashion and retail tech accelerator focused on fostering efficient, sustainable innovations and processes within the industry.
“We’re on a mission to become the global platform for good in luxury fashion—empowering everyone to think, act and choose positively,” said a statement on the program’s landing page. “Services like Farfetch Second Life help our customers extend the life of the clothes they buy.”