Luxury fashion retail platform Farfetch has launched two new initiatives to tackle sustainability in the fashion industry.
As part of its sustainability strategy, Positively Farfetch, the online platform will pilot Second Life – a handbag resale service – which allows customers to resell their unwanted designer handbags through its sister site secondlife.farfetch.com.
Users of the site are able to submit information and photographs of the bags they are selling, which will then be reviewed by Farfetch’s partner, who will suggest a price within two working days.
If the price is agreed on and after the bag has been picked up by a free courier and verified by the Farfetch team, customers will receive credits worth the value of the offer to spend on Farfetch.com.
Farfetch chief commercial and sustainability officer Giorgio Belloli said: “Like the online luxury market, the pre-owned luxury market is growing rapidly, and is likely to double in size to reach $51bn over the next five years.
“A luxury re-sale programme like Farfetch Second Life, allows us to enter this market and test the demand of Farfetch customers for this kind of service.”
Its second initiative to tackle waste problems within the fashion industry sees Farfetch partner with the Ellen MacArthur Foundation’s Make Fashion Circular programme.
The luxury retailer will be collaborating with brands already part of the initiative such as Burberry and Stella McCartney to work together to make changes at an industry level.
The initiative has three focus areas: creating new business models to keep clothes in use; to use safe and renewable inputs; and ensuring used clothes are turned into new items.
Farfetch global director of sustainable business Tom Berry said: “We are really excited to be part of Make Fashion Circular. We see a genuine commercial opportunity to invest in circular models – like rental and resale – ourselves.
“However, to really solve the challenges that we face in the fashion industry it’s critical that we collaborate with others, to ensure the fashion system as a whole has a more positive impact. We can only do that through forums like the Ellen MacArthur Foundation.”