Luxury E-Commerce Giant Net-a-Porter and its sisters Mr. Porter and The Outnet have partnered with Reflaunt – a resale technology provider. This partnership/new program will allow customers to sell their designer goods in exchange for a store credit or bank transfer.
This will allow customers to extend the lives of their pre-loved designer goods that range from designer pieces of jewelry, ready-to-wears, bags, and shoes at Net-a-porter which in hope that the new earnings can be spent on new designer goods with extra 10% off if the new earnings are used in form of store credit.
Alison Loehnis president of luxury and fashion at Net-a-porter, Mr.Porter, and The Outnet said in a statement;
“More than ever, our customers are looking for fashion that’s not only designed to last but for ways in which it can go on to be re-loved,” “We see re-commerce as a true enabler to tap into greater product longevity by extending the lives of pre-loved purchases. 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.”
The power behind this program is Reflaunt, Reflaunt will carry out the complimentary collection of the preloved designer products from the sellers, it will authenticate the luxury items, give price recommendations, take professional photography, and do the listing of the products by uploading them into international marketplaces. When it comes to getting paid for the products, Net-a-porter will only pay the sellers until their goods are sold except a pre-loved pre-approved designer bags where the seller can receive store credit when Reflaunt has approved the authenticity of the bag.
Reflaunt is known to take care of the backend of the resale programs from logistics, to technology and it has worked with well-known retailers and brands like Harvey Nichols, Cos, Balenciaga e.t.c.
The growth in the market for secondhand clothing and accessories has been so rapid that it is 21 times faster than the overall apparel retail market. From predictions, there is no sign the market will be slowing down at any time soon. Retailers of used luxury products are getting larger from The Real Real, Vestaire Collective, Rebag, Fashionphile, Thredup e.t.c. and more and more buyers are embracing the market. This is why more luxury e-commerce giants like Net-a-porter and luxury brands are now embracing and investing in this shift in consumer behavior.
The resale program will be available first in the UK, then U.S.A, Germany, and Hong Kong SAR. The Net-a-Porter and Reflaunt service launches at the end of October on Net-a-Porter and in early 2022 on Mr. Porter and The Outnet.
By Lola Joseph