YNAP links with Reflaunt for resale service
Italian luxury group Yoox Net-a-Porter (YNAP) is the latest fashion player to enter the second-hand fashion industry through a partnership with resale tech company Reflaunt.
YNAP, which owns Net-a-Porter retailers Mr Porter and The Outnet, announced on Friday it was launching its “most extensive resale pilot yet”, which will allow customers to sell and buy clothing. pre-loved ready-to-wear, as well as bags, shoes and jewelry.
Buyers will receive store credit for returning their old parts, with an additional 10 percent credit incentive or direct bank transfer once sold.
The service will launch first for Net-a-Porter in fall 2021, followed by Mr Porter and The Outnet in early 2022. It will initially be available in the UK, followed by the US, the Germany and Hong Kong SAR at an unspecified later date. .
YNAP strengthens circular credentials
“More than ever, our customers are looking for fashion that is not only designed to last, but also to continue to be loved,” said Alison Loehnis, President of Luxury and Fashion at Net-a- Carry. , M. Porter and The Outnet.
She said that YNAP sees re-commerce as “a real catalyst for leveraging greater product longevity by extending the life of pre-loved purchases” and that the partnership marks an “exciting step” in the process. circular thrust of the group.
Stéphanie Crespin, Co-Founder and CEO of Reflaunt, said: “We have always been impressed with Yoox Net-a-Porter’s sustainability efforts and are delighted to be their partner as they see resale as an essential part of their business. service offer.
“It is very encouraging to see one of the world leaders in fashion e-commerce taking this positive step with us in the fashion circular economy. ”
This is just the latest in a series of announcements over the past year from big fashion players expanding into the burgeoning resale market, which is being driven by growing consumer demand for a fashion. more sustainable.
Retail giants H&M and Urban Outfitters have both announced the launch of their own resale platforms in recent months.
The past year has also seen a series of investment rounds for resale platforms, including Vestiaire Collective which last month secured $ 210 million in new funding, valuing the Paris-based company at $ 1.7 billion.