LONDON — Yoox Net-a-porter is the latest retailer to join in the resale game, as part of a partnership with resale technology provider Reflaunt.
Resale services will first become available to Net-a-porter customers at the end of October and will extend to Mr Porter and The Outnet in early 2022. Customers will be able to sell pre-loved designer items across the jewelry, ready-to-wear, bag and shoe categories with Reflaunt powering the journey from beginning-to-end and ensuring it’s as seamless as possible.
Complimentary pickup from customers’ homes, digital product authentications, pricing recommendations and photography of the secondhand products will all be part of the service. Customers will be able to receive Net-a-porter credit or direct bank transfers once their products are sold. When it comes to designer bags, one of the most popular categories in the resale sector, there will also be instant buy-back options so that customers can receive credit immediately without having to wait for their item to sell.
The service will first launch in the U.K., followed by the U.S., Germany and Hong Kong at a later date.
The move is part of the retail group’s 2030 sustainability strategy which aims to support the circular economy and extend the lifelines of luxury products.
A number of Net’s key competitors, including Farfetch and Mytheresa, have also been piloting resale as part of their sustainability efforts, with Farfetch debuting its “Second Life” designer bag resale service in early 2019. Earlier this year, Munich-based Mytheresa partnered with Vestiaire Collective, offering handbag resale services to its top European clients. The service is currently limited to 20 luxury designers, but the aim is to start rolling it out to a wider customer base, more brands and new categories.
Net and Reflaunt’s new proposition is certainly raising the bar higher by making the service immediately available across all categories, offering instant buy-back options and complimentary services such as collection and photography management — all industry firsts.
Stephanie Crespin, Reflaunt’s chief executive officer and cofounder, said that this is all possible thanks to the platform’s “tailor-made resale technology solutions.”
“The data this service provides is invaluable and will help [Yoox Net-a-porter] fuel its next phase of growth. Net-a-porter, Mr Porter and The Outnet customers will be able to explore a fully branded and trusted resale experience and extend the life of their luxury products. It is greatly encouraging to see one of the global leaders in fashion e-commerce take this positive step forward into the circular fashion economy,” she said.
Alison Loehnis, the retail group’s president, added that as well as supporting circularity, the move into resale was also a direct response to customer demand: “More than ever, our customers are looking for fashion that is not only designed to last, but for ways in which it can go on to be reloved,” she explained.
While this marks the company’s first big move into resale, earlier in 2021 it tested the waters by partnering with Watchfinder in the U.S. to offer a selection of pre-loved luxury watches on Net-a-porter and Mr Porter.
It has also been increasing its offer of sustainable labels with a dedicated Sustain section on Net-a-porter, and piloting a Digital ID initiative where customers will be able to access information on certain items’ provenance, design and circularity.