Farfetch Buys Luxclusif To Boost Resale Business

(RTTNews) - Farfetch Limited (FTCH), a British-Portuguese online luxury fashion retail platform, said on Thursday that it has acquired Luxclusif, a provider of pre-owned luxury handbags and accessories, for an undisclosed sum.

The latest acquisition is expected to allow Farfetch to significantly accelerate its resale capabilities through its resale service, Farfetch Second Life.

Upon the completion of the transaction, the Luxclusif team will operate Farfetch's Second Life platform service, integrating both existing and new partners into the program. In addition, Luxclusif team will also join Farfetch, the company said in a statement.

Luxclusif will continue to sell pre-owned product they acquire from specialist suppliers and luxury consumers through Second Life or similar programs they operate for other luxury industry partners.