Luxury fashion trade-in service Material Wrld and Intermix are teaming up to host a series of events across the country.
The first trade-in event will start Thursday and run through Saturday at Intermix’s store at 210 Columbus Avenue in Manhattan. Another event will be held at a different Intermix store each month with stops at 40 East Delaware Place in Chicago, 33 Boylston Street in Chestnut Hill, Mass.; 2200 M Street NW in Washington, D.C.; 1003 Madison Avenue in Manhattan, 1718 Walnut Street in Philadelphia, and finally 9700 Collins Avenue in Bal Harbour, Fla., in December.
The trade-in events are intended to help women refresh their closets. Consumers can bring in their designer apparel, footwear and handbags to the Intermix store to meet with Material Wrld resale experts who will determine the value of the items. Following an agreement on valuation, the women will receive Intermix gift cards reflecting the value of the exchange.
Separate from the events at Intermix, consumers can reach out to Material Wrld to receive either a free pick-up, valet service in Manhattan or a free trade-in kit outside of the city. Resellers at the company will evaluate the worth of the items and e-mail the consumers with a quote for each item. Consumers can choose whether or not to accept the quote. The trade-in credit is then received by the consumer in the form of a gift card from participating retailers. Items not used for the trade-in can either be sent back or donated to a charity of the consumer’s choice.
Products that Material Wrld accepts are then sent to consignment shops for resale. The company also works with eBay. Items that are not sold are donated to charity. Material Wrld takes on the responsibility for reselling the product so the consumer doesn’t have to wait until an item is resold before receiving the gift card for the trade-in credit.
So far the company, which was founded in 2012 by Rie Yano and Jie Zheng, accepts items from 150 brands. It also works with retail partners such as Saks Fifth Ave., Neiman Marcus, Bloomingdales, Barneys, Nordstrom, Steven Alan, Mitchells and Shopbox. Intermix is joining the list of retail partners shortly, enabling consumers to receive their trade-in credit in the form of an Intermix gift card. The gift cards do not have any expiration date.
According to Material Wrld, the average consumer who has done one trade in with the company will likely do a trade every two months. The benefit to participating retailers is that the gift card brings more shoppers into the stores, who typically spend more than the value of the gift card.
According to Yano, the company receives a discount on the gift cards from its retail partners and its gets revenues from the sales of the trade-in items.