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Farfetch offering trade-ins

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  1. Interesting news, to me, anyway! I just read in the Style supplement in The Sunday Times (UK) that from tomorrow, Farfetch is offering shopping credit if you trade in your old designer bag. Sounds potentially like a really nice alternative to resale if you shop at Farfetch as often as I do! How beneficial it is will depend on how much they offer for your bag and how long the credit is valid for. Looking forward to seeing the details.
     
    papertiger likes this.
  2. Hi! Wow that is awesome. And how will it work? Would you be able to work it out thru the app or the website?
     
    Annie J likes this.
  3. This sounds like it would be right up my street! I’m in the UK too and love shopping with Farfetch so I’ll be following this thread with interest if anyone has any more details [emoji4]
     
    Annie J likes this.
  4. Thanks for replying!

    It’ll be even better if they expand it beyond bags eventually too, and if the offers are favourable. Good way to reduce the waste. There’s still all the transportation pollution to consider, but it’s a start. I had noticed they’d started selling some high-end vintage things recently so I guess this is an extension. The whole industry seems to be realising that there’s a lot to gain by going ‘circular’, in business terms for them, and reflecting consumer concerns about waste makes them look good. Not to sound cynical; they probably care about the waste in itself too, they’re human, after all, and I’m not immune to the potential financial benefits myself of trading in my bags. And we all know the truth is that if we just stop buying so much it would be better for the planet. But these things are good steps anyway. Greater sustainability would be the icing on the cake if it could be achieved.

    I’ve googled but I can’t find any more details at the moment. The tiny little thing I saw in the magazine said it’s from tomorrow, so maybe we will be able to pick up details then. I’ll try and attach a screenshot from the magazine (I get it in the app) below. Hope I’m allowed to post that?

    I sell my unused things on one of the resale platforms and I’m pretty happy with that, on the whole it works well for me, but this thing with Farfetch would definitely add another really good option.


    View attachment 4437306 E7F4DD04-8497-48E3-A090-39927EF5F9A2.png
     
    highend and vic.delgadillo like this.
  5. I’ll be looking to see what happens on the Farfetch app tomorrow.
     
  6. awesome! Yes I’ll be checking the app too. Thanks for the info.
     
    Annie J likes this.
  7. Well, slightly odd because I haven’t been able to find it by going into the app or by looking at the Farfetch website (which I am accessing on an iPad, maybe desktop is different?), but I googled and found this article which suggests it went live sooner than the Sunday Times said.

    http://fashionunited.uk/news/fashion/farfetch-launches-resale-platform-for-designer-bags/2019051343127

    The trade-in platform is called Second Life (not to be confused with a similarly named virtual reality website, by the looks of it!) and I found this by googling again:

    http://secondlife.farfetch.com/

    Details are there about the brands they currently accept, condition of item etc, and they indicate they will expand the initiative to other goods. Currently it says UK and selected European countries only.

    I don’t have any bags I want to sell at the moment so it’s going to be a while before I test the water and discover how competitive the offers they make will be. It would be great to know what happens if anyone here gives it a go.

    Mods, please let me know if it’s not alright to post these links?
     
  8. It appears it’s a pilot scheme. It’ll be useful if it works and gets extended.
     
  9. I'm always a bit suspicious if a company wants to trade in and only offers shop credits. I am quite happy with buying through Farfetch, but their scheme seems to tie me and my money to them.
     
  10. I understand what you mean, but I would not be suspicious. it’s all upfront, and they are very reputable. It might not be the right thing for all who want to sell their bags, but a great proposition to some, just a matter of choice.

    Farfetch is a very reliable company, that’s why I was pleased to see the announcement. I’m happy with my current resale method but would be glad to have this one too! I’ve made dozens of purchases and had good deals and excellent customer service from Farfetch, with no quibbles about any returns for any reasons. I use it as one of my main trusted shops along with Net-a-Porter, Matches and MyTheresa. Purchase prices can vary because of the individual boutique pricing involved, meaning that sometimes you can get really good deals, and on the other hand a boutique will sometimes ask a higher price for the last piece of a currently coveted item, but as long as you’re aware of that, which is all open on their site, and which most people who shop there know, it’s all good.

    Getting into the resale market has to be a good business proposition for them after all, and given the growing pressure on the fashion industry to become more sustainable, no doubt this will be one of the earliest of many business expanding this way for business, image and possibly even genuine ethical considerations (whether it will truly be good for the planet is another question altogether and one for the global analysts!).

    Credit with Farfetch works for me if the rest is good. I like to resell online, and don’t want to bother with local physical stores or anything like that. If they make fair valuations, quote upfront before collecting a bag from me, if they have good authentication control and fair processes if an item gets rejected at the quality control process (both of which I’d expect from my experience of their culture of customer service), if the credit doesn’t expire, and if you are like me and purchase a lot at Farfetch, it’s looking like a nice alternative option :smile:. All subject to how it turns out to work in practice.

    I don’t have any bags I want to sell right now and they are not taking other items so far, so I can’t test the water, unfortunately. I’ll post my experience here if I do. Will be watching this thread and elsewhere to see if anyone else tries it out, hope they post!
     
  11. Has anything come up on your app? Nothing is showing on mine, I only found the ‘Second Life’ site by googling. I wonder if maybe they are rolling it out selectively.
     

  12. I'm familiar with FarFetch and not worried about their reputation, but the credit system rubs me the wrong way, they want to resell my bag for a healthy profit, totally fine with that, but that they hold my money hostage, interest free, and if I want to see anything of it, I am forced to buy through them, making them another profit, that is something that doesn't really cut it. I buy a lot through them but actually might stop now due to that, because that just totally makes me stroppy and I feel ripped off
     
  13. I agree. They should do like Fashionphile and offer both buyout for cash or store credit. With an extra 10% if you choose credit. Even Yoogis added the 10% bonus too.

    I’m in the US so this is interesting to me though I’ve not heard a peep about it here. Store credit is not great for me either. I only buy during their sales, which the big ones come only 2x a year. So I don’t want my money tied up with them for half a year to a year while I wait for something I want to go on sale.

    If they’re looking for feedback on this pilot program, people ought to suggest they do like Fashionphile with buyout and store credit options.
     
    Gabs007 likes this.
  14. Deleted to add quotes
     
  15. Maybe they will also offer buyout in time and that will be even better. I can’t say it particularly bothers me to take credit, I’’m not forced to, because I have the choice whether to use them or not, and if the other terms look favourable, it’s useful enough for me the way it’s proposed.

    I think there will be people who feel like I do and people who feel like both of you two do and both views are fair enough.

    My own perception is that they are coming from a different position as a trusted luxury retail site that I already know well, rather than from that of a reseller, so there is something different in that which appeals to me, and there’s nothing that I can see like it that’s very accessible from the UK at the moment (please put me right if there’s one I’ve missed!).

    I guess it’s their choice what proposition they want to make and thereafter up to the market whether that works; they will have to assess as the pilot develops, and no doubt they will, and see whether their model flies as it is or not. It’ll be good to hear some actual experiences when some of us have tried it!
     
    Annawakes likes this.