Italian luxury group Yoox Net-a-Porter (YNAP) is the latest fashion player to make a move in the second-hand fashion space through a tie-up with resale tech company Reflaunt. YNAP, which owns retailers Net-a-Porter, Mr Porter and The Outnet, said Friday it is launching its “most extensive resale pilot to date”, which will allow customers to sell and buy pre-loved ready-to-wear fashion, as well as bags, shoes and jewellery.
Shoppers will receive store credit for handing in their old pieces, with an extra 10 percent credit incentive or direct bank transfer once sold on. The service will launch first for Net-a-Porter in Autumn 2021, followed by Mr Porter and The Outnet in early 2022. It will initially be available in the UK, followed by the US, Germany and Hong Kong SAR at an unspecified later date.
“More than ever, our customers are looking for fashion that is not only designed to last, but for ways in which it can go on to be re-loved,” said Alison Loehnis, president of luxury and fashion at Net-a-Porter, Mr Porter and The Outnet. She said YNAP sees re-commerce as “a true enabler to tap into greater product longevity by extending the lives of pre-loved purchases” and that the partnership marks an “exciting step” in the group’s circular push.
Reflaunt co-founder and CEO Stephanie Crespin said: “We have always been impressed by Yoox Net-a-Porter’s sustainability efforts and are so excited to be their partner as they embrace resale as a critical element of their service offering. “It is greatly encouraging to see one of the global leaders in fashion e-commerce take this positive step forward into the circular fashion economy with us.”
This is just the latest in a slew of announcements in the past year of big fashion players expanding into the burgeoning resale market, which is being driven by growing consumer demand for more sustainable fashion.
The past year has also seen a spate of investment rounds for resale platforms, including Vestiaire Collective which last month secured 210 million dollars in fresh funding, valuing the Paris-headquartered company at 1.7 billion dollars.
YNAP partners with Reflaunt for resale service
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