Farfetch, the internet luxury fashion site, is launching a platform that will enable customers to return “pre-loved” designer handbags in exchange for store credit. Vintage specialist Upteam is collaborating with Farfetch on the “Second Life” initiative, which hopes to encourage increased interest in recycling among consumers. The move also aims to capitalise on growing interest in the pre-owned luxury market, which is expected to double in size to $51bn within five years. A recent report by ThredUp estimates that the secondhand market will be three times larger than the fast fashion sector by 2028.
Farfetch, the internet luxury fashion site, is launching a platform that will enable customers to return “pre-loved” designer handbags in exchange for store credit. Vintage specialist Upteam is collaborating with Farfetch on the “Second Life” initiative, which hopes to encourage increased interest in recycling among consumers. The move also aims to capitalise on growing interest in the pre-owned luxury market, which is expected to double in size to $51bn within five years. A recent report by ThredUp estimates that the secondhand market will be 1.5 times larger than the fast fashion sector by 2028.