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Farfetch’s Next Move? Testing the Resale Market

LONDON — Farfetch is entering the resale arena, and given its existing ecosystem of brand, boutique and technology partners, the retailer believes it has a competitive edge and can claim its space in the promising market, which is set to double in size and reach $51 billion in the next five years. Dubbed Farfetch Second Life, the service will allow customers to sell their pre-owned luxury handbags in exchange for Farfetch credit, which will be given upfront. The move is billed as part of the company’s sustainability efforts and builds on the growing popularity of the vintage offer it has been integrating on the platform alongside seasonal product. “No matter what we do with conscious brands, it’s still the same model of making things, selling them and not seeing them again. But there’s a whole area of innovation around the pre-owned and resale market which is key for us to explore,” said Tom Berry, global director of sustainable business at Farfetch, who joined the retailer last year. For Berry there’s an equally big commercial opportunity in resale, as the Farfetch credit system will give customers incentive to return to the site. “The sustainable business plan should be part of the broader business vision,” he

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