FARFETCH will offer FARFETCH Cleaning kits to their online customers through a personalized end-to-end resale experience. Customers complete their Cleaning kits with clothes, shoes and accessories and send them to thredUP or have them picked up at home for free. Once an item sells on thredUP, sellers contribute at least 50 percent of the total payment at their option from a select group of charities and receive any remaining payment as a FARFETCH purchase credit. FARFETCH is the first RaaS from thredUPⓇ partner to leverage its new white label offering, creating a fully personalized resale experience tailored to the FARFETCH brand and audience. ThredUP’s technology, software and logistics power the FARFETCH Donate experience. Learn more about RaaSⓇ here.
“Resale is an inevitable part of the evolution of fashion and is the next emerging channel for clothing retailers,” said James reinhart, co-founder and CEO of thredUP. “FARFETCH is one of the most innovative and forward-thinking companies in the luxury fashion industry, and we are honored to fuel and expand their giving program and help create a more sustainable future for the fashion.”
Both FARFETCH and thredUP are committed to helping the fashion industry move from a noxious ‘take-do-throw’ linear model to a more circular one. FARFETCH Donate is part of the larger Positively FARFETCH strategy to become the platform for good in luxury fashion. FARFETCH is committed to becoming ‘more circular than linear’ by 2030 as part of its recently launched 2030 Sustainable Development Goals, and the development of FARFETCH Donate in the United States by engaging with thredUP is integral of achieving this goal. RaaSⓇ powers personalized and scalable resale experiences for brands and retailers of all types – from mass value to luxury – and is a powerful solution to the waste of the fashion industry.
FARFETCH Limited is the world’s leading platform for the luxury fashion industry. Founded in 2007 by José Neves for the love of fashion, and launched in 2008, FARFETCH started out as an e-commerce marketplace for luxury boutiques around the world. Today, the FARFETCH Marketplace connects customers from over 190 countries and territories with items from over 50 countries and nearly 1,400 of the world’s best brands, boutiques and department stores, providing an experience of truly unique purchase and access to the most comprehensive selection of luxury goods on a single platform. FARFETCH’s other businesses include Browns and Stadium Goods, which provide luxury goods to consumers, and New Guards Group, a platform for the development of global fashion brands. FARFETCH offers its wide range of consumer channels and enterprise level solutions to the luxury industry as part of its Luxury New Retail initiative. The Luxury New Retail initiative also encompasses FARFETCH Platform Solutions, which provides business customers with e-commerce and technology capabilities, and innovations such as Store of the Future, its connected retail solution.
For more information, please visit www.farfetchinvestors.com.
thredUP is transforming resale through technology and is on a mission to inspire a new generation of consumers to think occasion first. By making it easier to buy and sell second-hand, thredUP has grown into one of the world’s largest resale platforms for women’s and children’s clothing, footwear and accessories. Salespeople love thredUP because we make it easy for them to clean their closets and unlock value for themselves or for the charity of their choice while doing good for the planet. Buyers love value shopping, premium and luxury brands in one place, up to 90% off the estimated retail price. Our proprietary operating platform is the foundation of our managed marketplace and consists of distributed processing infrastructure, proprietary software and systems, and data science expertise. In 2018, we extended our platform with the Resale-As-A-Service (RaaS) from thredUPⓇ), which facilitates modern resale for a number of the world’s leading brands and retailers. thredUP has processed over 125 million unique used items from 35,000 brands in 100 categories. By extending the life cycle of clothing, thredUP is changing the way consumers shop and ushering in a more sustainable future for the fashion industry.