From the end of October, Net-a-Porter customers will be able to get resale service on their designer items using the resale website.
They will receive credit to spend on Net-a-Porter, and an extra 10% credit or direct bank transfer when their item is bought by another customer. Reflaunt will collect products, authenticate them, recommend a resale price and manage photography. The listings will then be uploaded on to international marketplaces.
Net-a-Porter x Reflaunt is also launching a buyback option for designer handbags, whereby customers will receive credit to spend on the etailer immediately, without having to wait until the item is bought.
“The collaboration will draw on Net-a-Porter, Mr Porter and The Outnet’s heritage of unparalleled and personalised customer service and enable shoppers to contribute to a more circular fashion system by reselling and extending the lives of their designer items, as Yoox Net-a-Porter takes the next step in its long-term mission to unlock circularity,” the brand explained in a press release.
The service will be available in the UK first, eventually extending to the US, Germany and Hong Kong. Mr Porter and The Outnet will follow in early 2022.
Net-a-Porter is not the first major luxury retailer to step into the resale market with the likes of Farfetch, Browns, Harvey Nichols and MyTheresa all teaming up with resale partners to offer the service to their customers. Plenty of fashion houses are also getting on board with the growing market, which is predicted to be twice the size of fast fashion by the year 2030.
According to a recent global report – which was conducted by Thredup with analysis by market research firm GlobalData – the resale market is growing at a rate 11 times faster than traditional retail and should be worth $84 billion by 2030, with fast fashion predicted to be worth about $40 billion.