FARFETCH Acquires Luxury Resale Platform LUXCLUSIF
December 09 2021 - 3:30AM
Business Wire
FARFETCH Limited (NYSE:FTCH), the leading global platform for
the luxury fashion industry, today announced that it has acquired
resale platform LUXCLUSIF for an undisclosed sum. The acquisition
includes LUXCLUSIF’s technology platform, and the LUXCLUSIF team
will join FARFETCH group. This will allow FARFETCH to significantly
accelerate its resale capabilities through the development of key
technology and service features such as automated pricing, and
faster geographic and category expansion of its resale service,
FARFETCH Second Life.
Founded in 2013, LUXCLUSIF is a B2B service provider with a
successful turnkey solution enabling the acquisition,
authentication and sale of second hand luxury goods to and from
auctions, retailers, e-commerce platforms, and stores worldwide.
Together, FARFETCH and LUXCLUSIF can leverage these capabilities
and positioning to become the global platform for pre-owned luxury
for both customers and industry partners.
FARFETCH has worked closely with LUXCLUSIF for a number of
years, first through its start-up accelerator program and most
recently through FARFETCH’s resale service, FARFETCH Second Life.
For Second Life, LUXCLUSIF provided the platform in Europe to
authenticate, price and then onsell pre-owned handbags submitted to
the programme by customers in exchange for FARFETCH credit.
Following completion of the transaction, the LUXCLUSIF team will
operate FARFETCH’s Second Life platform service, integrating both
existing and new partners into the program. Additionally, LUXCLUSIF
will continue to sell pre-owned product they acquire from
specialist suppliers and luxury consumers through Second Life or
similar programs they operate for other luxury industry partners.
They will also be able to operate white-label pre-owned
propositions for FARFETCH Platform Solutions brand partners.
Giorgio Belloli, Chief Commercial and Sustainability Officer,
FARFETCH said: “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. 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. 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.
“LUXCLUSIF will help us accelerate our capabilities and reach in
this area. Having supported LUXCLUSIF as a start up, bringing them
into the FARFETCH family marks an exciting culmination in our work
to support and develop some of the world’s most exciting fashion
and retail tech start-ups.”
Rui Rapazote, Co-founder and Chief Executive Officer,
LUXCLUSIF, said: “FARFETCH is the ideal home for LUXCLUSIF as
we seek to scale even further. Together, we are very much focused
on growing the resale market through innovation and tailored
solutions. LUXCLUSIF’s culture of continuous experimentation and
innovation will continue to be nurtured and I am very excited about
the potential for creating and delivering valuable turnkey
solutions to a growing cohort of global partners. This will allow
us to meet our goal of becoming the preferred partner for luxury
brands and retailers through leading market innovation and the
implementation of data backed solutions within resale.”
Guilherme Faria, Co-founder and Chief Operating Officer,
LUXCLUSIF, said: “FARFETCH and LUXCLUSIF share a vision of a
cleaner, conscious, circular and inclusive fashion industry and we
are also aligned as tech enablers and industry leaders in our
fields. We believe that we now have the opportunity to be the
global leader in resale technology by joining FARFETCH, with its
size, reach and recognition within the fashion industry. We have a
very exciting journey ahead.”
About Farfetch
Farfetch Limited is the leading global platform for the luxury
fashion industry. Founded in 2007 by José Neves for the love of
fashion, and launched in 2008, Farfetch began as an e-commerce
marketplace for luxury boutiques around the world. Today, the
Farfetch Marketplace connects customers in over 190 countries and
territories with items from more than 50 countries and more than
1,400 of the world’s best brands, boutiques and department stores,
delivering a truly unique shopping experience and access to the
most extensive selection of luxury on a single platform. Farfetch’s
additional businesses include Browns and Stadium Goods, which offer
luxury products to consumers, and New Guards Group, a platform for
the development of global fashion brands. Farfetch offers its broad
range of consumer-facing channels and enterprise level solutions to
the luxury industry under its Luxury New Retail initiative. The
Luxury New Retail initiative also encompasses Farfetch Platform
Solutions, which services enterprise clients with e-commerce and
technology capabilities, and innovations such as Store of the
Future, its connected retail solution.
For more information, please visit
www.farfetchinvestors.com.
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Media: Susannah Clark VP
Communications, Global susannah.clark@farfetch.com +44 7788
405224
Brunswick Group farfetch@brunswickgroup.com US: +1 (212) 333
3810 UK: +44 (0) 207 404 5959
Investor Relations: Alice
Ryder VP Investor Relations IR@farfetch.com
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