DUBAI, United Arab Emirates — Farfetch has launched its handbag resale program in the United Arab Emirates, Kuwait and Saudi Arabia. Farfetch Second Life gives customers the opportunity to clear space in their wardrobes by selling unused designer handbags and earning Farfetch credit in return. The program is a key pillar of Positively Farfetch, the company’s mission to become the global platform for good in luxury fashion.
Giorgio Belloli, chief commercial and sustainability officer at Farfetch, told WWD that Second Life has been very popular since it launched two years ago. “We started out running the service in the U.K. and Europe before launching it last year in the United States as well. Now Farfetch Second Life is available in 30 countries across Europe and the USA. We’re thrilled to scale this model globally and are looking forward to expanding the categories consumers can give a second life to.”
He cited that the global pre-owned luxury market is growing rapidly and is forecast to reach $64 billion within the next five years. “Circularity is becoming increasingly important to luxury customers — for example, a recent customer study we did showed that 52 percent of our customers had bought or sold a pre-owned luxury item in the past year,” said Belloli. “And in terms of the growth of Second Life, items sold through the program have increased 332 percent in 2020.”
Belloli added that its customers are embracing choosing fashion in a conscious way. Sales of conscious products grew 3.4 times faster than the Farfetch Marketplace average and represented over 5 percent of group GMV in 2020. “We’re seeing that consumers are increasingly more aware of how they consume fashion, and that they can take actionable steps to make conscious choices.”
Second Life is designed to make resale easier for luxury customers. Farfetch customers can visit the website to submit information and photographs of the bags they wish to sell. Those are reviewed by an outside partner, who then offers a price within two business days. If the customer accepts the price, the bag is sent for verification and once verified, Farfetch immediately credits the consumer’s account with the offered value.
In the Middle East, Farfetch is collaborating with The Luxury Closet, a premium luxury resale platform that already has a strong foothold in the Gulf countries. The region, with its appetite for luxury handbags, was a natural extension for the business, according to Edward Sabbagh, Farfetch’s vice president of growth and managing director, EMEA. “The Middle East stood out as a huge opportunity. We’ve been on our sustainability journey for a few years now and our regional customers have a strong appetite for shopping more consciously.”
For Farfetch, Second Life is one of several key programs that are moving the company toward its 2030 sustainability goals. The company also has a donate service available in Europe and the U.S. which enables hassle-free donations in return for Farfetch credit, a Fashion Footprint Tool to help consumers easily identify and understand the environmental impact of their wardrobe choices, and a service called Fix service for repairing luxury items.