Open for Vintage partners with Luxclusif for handbag buy-back option
Open for Vintage (OFV) has unveiled a partnership with Farfetch-owned Luxclusif to power its new The Loop handbag buy-back service. It also comes with deeper ties to the overall Farfetch ecosystem via its new website upgrade.
OFV is a Dublin and London-based luxury resale technology platform and The Loop launches in the UK and EU (with the US coming later) as an option that can be accessed directly on its website. It allows people to trade-in their designer handbags in exchange for store credit that can be used towards future purchases on OFV.
Customers have to submit product details and photographs of their bags and a proposed buy-back price is generated within two days. Once accepted by the customer, the bag is sent to Luxclusif for verification, free of charge. After verification, OFV provide the store credit to the customer and Luxclusif retains ownership of the bag, which also increases the volume of pre-owned merchandise across the wider Farfetch network.
“The launch of The Loop and [the] partnership supports our mission to create the most trusted destination in resale by offering customers an unparalleled experience to discover, shop consciously and extend the lifecycle of luxury goods,” said OFV’s CEO Colin Saunders.
The partnership will “connect Luxclusif with the handbag collections of OFV's global luxury customer base, which now spans over 40 countries, and as Luxclusif is stocked on Open for Vintage, will also directly expand OFV's stock”.
The launch comes at the same time as OFV’s website gets a major tech upgrade, which includes migration to Farfetch-owned order management company Onport. The move will enable OFV to “continue to scale and accelerate growth internationally by leveraging Onport’s technology and marketplace expertise,” we’re told.
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