Farfetch buys buys Luxclusif

 In Mergers and Acquisitions, News, Unicorns

The Portuguese fashion platform unicorn Farfetch has purchased the luxury fashion online platform Luxclusif.

Found in 2013, Luxclusif, which has Portuguese founders and an office in Porto, works with other companies and “buys, authenticates and sells on second hand luxury products and also buys from and for retail auction houses, electronic retail sale platforms and shops all over the world”, according to a communiqué.
In addition to integrating Luxclusif’s 100 plus staff, Farfetch, which was founded by entrepreneur José Neves, will now be able to be “a global platform for luxury second hand products for consumers and luxury fashion industry partners”.
The two companies have worked closely together in the market since 2018. At that time, Luxclusif joined Farfetch’s startup acceleration programme Dream Assembly. The relationship developed and the retail platform developed the product Farfetch Second Life for second hand ‘vintage’ products. The online store sources exceptional pieces from across the globe.
The purchase was for an undisclosed sum. For Second Life, Luxclusif provided the platform in Europe to authenticate, price and resell pre-owned handbags submitted by customers in exchange for Farfetch credit.
Following completion of the transaction, the Luxclusif team will operate Farfetch’s Second Life platform, integrating existing and new partners into the programme.
Additionally, Luxclusif will continue to sell pre-owned product they acquire from specialist suppliers and luxury consumers through Second Life or similar programmes they operate for other luxury industry partners. They will also be able to operate white-label pre-owned propositions for Farfetch Platform Solutions brand partners.