Material Wrld now has a trade-in card for shoppers on the Discover Network.
The luxury fashion trade-in service said the card operates as a reloadable prepaid debit card. Customers have the option of accessing funds earned from trade-ins of designer fashions, as well as retailer specific gift cards that the customers have chosen as the currency for the value of the trade-in amount. The new card allows them to shop for new merchandise at any of Material Wrld’s trade-in networks.
The stores in the network include Saks Fifth Avenue, Bloomingdale’s and Steve Alan. A new store added to the retail roster is Intermix. Jarrad Berman, director of digital marketing at Intermix, said, “Material Wrld offers a unique experience for consumers not only to trade in, but also trade up…”
Intermix and Material Wrld first linked in June for a series of trade-in events across the country.
The premise of Material Wrld is to give women the ability to refresh their closets through the exchange of designer apparel, handbags and shoes. Material Wrld resale experts determine the value of the items, and following an agreement on valuation, can have the amount automatically loaded onto the new trade-in card, which can then be used for new apparel at participating network retailers.
The card is available to U.S. citizens aged 18 and older. It is not connected to a bank account, and is processed by Marqeta’s platform.
Customers can reach out to Material Wrld to receive either a free pickup, valet service in Manhattan or a free trade-in kit outside of the city. Any items not used for the trade-in can either be sent back or donated to a charity of the customer’s choice. Products that Material Wrld accepts are then sent to consignment shops for resale. The company also works with eBay.
The company was founded in 2012 by Rie Yano and Jie Zheng. About 150 brands are accepted. The company receives a discount on the gift cards from its retail partners, and it gets revenues from the sales of the trade-in items.