To offer luxury consumers more circular options, the global online retailer Net-a-Porter has launched a luxury resale service together with tech company Reflaunt.
Net-a-Porter says the collaboration has made trading seamless and convenient for customers, thanks to Reflaunt’s technology that can digitally authenticate pieces. It will also handle everything from collecting the products in the client’s location, photography, pricing and listing, through to shipping.
In addition, clients can receive store credit with a 10 per cent bonus or bank transfer for the sale price once an item sells.
According to a recent study, the resale market is growing 11 times faster than traditional retail and could be worth US$84 billion by 2030, while fast fashion is predicted to be worth around $40 billion.
The new luxury resale platform aligns with the company’s sustainability strategy for 2030, which focuses on finding solutions to achieve a circular and sustainable luxury fashion industry.
“We see re-commerce as a true enabler to tap into greater product longevity by extending the lives of pre-loved purchases,” said Alison Loehnis, president of luxury and fashion, Net-a-Porter.
“This collaboration represents an exciting step in our long-term mission to drive the change at Yoox Net-A-Porter to a more circular fashion ecosystem.”
After debuting in the UK in October, the company plans to expand its “re-commerce” platform to the US, Germany, Hong Kong, and other sites, Mr Porter and The Outnet.
