Open for Vintage and Luxclusif announce The Loop handbag buy back service
Open for Vintage (OFV), a luxury resale technology platform and Luxclusif, a company wholly owned by Farfetch, have announced a partnership to power The Loop handbag buy back service.
The Loop is accessed directly on the former’s website and allows customers to trade in their designer handbags in exchange for store credit that can be used towards future purchases on OFV.
Customers 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.
Once verification is complete, OFV provide the store credit to the customer and Luxclusif retain ownership of the bag, increasing the volume of pre-owned merchandise across the wider Farfetch network.
The Loop launches together with a brand new OFV website. As part of this initiative, OFV has migrated its order management solution to Onport, another wholly owned Farfetch company.
“The launch of The Loop and partnership with Luxclusif and Onport supports our mission to create the most trusted destination in re-sale by offering customers an unparallel experience to discover, shop consciously and extend the lifecycle of luxury goods,” says Colin Saunders, CEO at Open for Vintage.
"We're excited to partner with Open For Vintage and offer our Resale-as-a-Service technology,” says Rui Rapazote, Co-founder and CEO at Luxclusif.
“We believe our experience in powering large programmes will be very beneficial to Open for Vintage and we're confident that our end-to-end solution - covering technology, operations and commercial - will be instrumental for its customer experience and circularity efforts.”
The Loop will initially be available in the UK and EU before rolling out to the US.
2022 RTIH Innovation Awards
Farfetch has been shortlisted in the Most Innovative Pureplay category at the 2022 RTIH Innovation Awards.
boohoo, PrettyLittleThing, Secret Sales, and Vinted are also in the running for the award.
The winner will be revealed at an exclusive event in central London on Tuesday, 6th December.
RTIH Editor, Scott Thompson, says: “Innovation and technology play a critical role in the success of the retail sector, so it is great to recognise standout examples through our awards.”
“Thanks to all those who have entered the 2022 event. We received a record number of submissions and many fantastic examples of the continued resilience and dynamism of the retail space during hugely challenging times.”
“I’m now looking forward to deciding the winners with our judging panel and announcing them at our central London event in December.”
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