OFV is a Dublin and London-based luxury resale technology platform, and The Loop will be available in the UK and EU (with the US to follow) as an option on its website. It allows customers to trade in their luxury handbags for shop credit that may be applied to future purchases on OFV.
Customers must provide product specifications and images of their bags, and within two days, a recommended buy-back price is established. Once acknowledged by the consumer, the bag is free of charge delivered to Luxclusif for verification. Following verification, OFV provides the shop credit to the consumer while Luxclusif keeps ownership of the bag, increasing the volume of pre-owned products across the Farfetch network.
"The Loop's launch and [the] partnership support our mission to build the most trusted resale destination by providing customers with an unparalleled experience to discover, shop consciously, and extend the lifecycle of luxury goods," said OFV CEO Colin Saunders. The collaboration will "connect Luxclusif with the handbag collections of OFV's global luxury customer base, which now spans over 40 countries, and will also directly expand OFV's stock."
The launch coincides with a substantial technological overhaul for OFV's website, which includes a move to Farfetch-owned order management business Onport. According to our sources, the move would allow OFV to "continue to develop and accelerate expansion worldwide by using Onport's technology and marketplace knowledge."