FARFETCH Launches Donate Service in US, Powered by New White Label Offering from thredUP's Resale-as-a-ServiceⓇ

Rhea-AI Summary

FARFETCH Limited (NYSE: FTCH) has partnered with thredUP (NASDAQ: TDUP) to launch a donation program in the US, utilizing thredUP's Resale-as-a-Service to allow customers to donate items while earning shopping credit. Following a successful UK launch in 2019, this initiative aims to promote sustainability in fashion by extending the life of clothing. Customers will use FARFETCH-branded 'Clean Out Kits' to send items to thredUP, with at least 50% of the payout donated to charities of their choice. This move aligns with FARFETCH's commitment to sustainability goals by 2030.

Positive

• Launch of FARFETCH Donate program in the US, enhancing customer engagement.
• Utilization of thredUP's technology supports sustainability and circular fashion.
• Opportunity for customers to contribute to charities, reflecting social responsibility.

Negative

• None.

NEW YORK and OAKLAND, Calif., June 30, 2021 /PRNewswire/ -- FARFETCH Limited (NYSE: FTCH), the leading global platform for the luxury fashion industry, and thredUP (NASDAQ: TDUP), one of the world's largest resale platforms for women's and kids' apparel, shoes and accessories, today announced a donation program for FARFETCH customers in the US. thredUP's Resale-as-a-Service^Ⓡ (RaaS^Ⓡ) will power the experience, allowing FARFETCH customers to extend the life of their clothes  while earning shopping credit and raising money for charity. This follows the successful launch of FARFETCH Donate in the UK with partner Thrift+ in October 2019.

FARFETCH is the first partner to leverage thredUP's white label offering through its Resale-as-a-Service (RaaS).

 "We're excited to work with thredUP to offer US consumers an easy and sustainable way to refresh their wardrobes," said Thomas Berry, Director of Sustainable Business at FARFETCH. "FARFETCH Donate is an innovative service, elevating the traditional donation experience by making it both easy and rewarding for customers, delivering a positive impact by extending the life of good quality pieces, and supporting multiple charities along the way. thredUP is helping us do this in a seamless and scalable way."

FARFETCH will offer FARFETCH Donate-branded Clean Out Kits to their customers online through an end-to-end customized resale experience. Customers fill their Clean Out Kits with apparel, shoes, and accessories and ship them to thredUP or have them collected at home for free . Once an item sells on thredUP, sellers donate at least 50 percent of the total payout to their choice of a select group of charities and receive any remaining payout as FARFETCH shopping credit. FARFETCH is thredUP's first RaaS^Ⓡ partner to leverage its new white label offering, creating a fully-customized resale experience tailored to the FARFETCH brand and audience. thredUP technology, software, and logistics power the FARFETCH Donate experience. Learn more about RaaS^Ⓡ here.

"Resale is an inevitable part of fashion's evolution and is the next emerging channel for apparel retailers," said James Reinhart, Co-Founder and CEO at thredUP. "FARFETCH is one of the most innovative, forward-thinking companies in the luxury fashion industry, and we're honored to power and scale their donation program and help create a more sustainable future for fashion."

FARFETCH and thredUP are both committed to helping shift the fashion industry from a harmful, linear "take-make-dispose" model to a more circular one. FARFETCH Donate is part of the broader 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 sustainability goals, and growing FARFETCH Donate in the US by engaging with thredUP is integral to meeting this target. RaaS^Ⓡ powers customized, scalable resale experiences for brands and retailers of all types – from value to mass to luxury – and is a powerful solution to the fashion industry's wastefulness.

About FARFETCH
FARFETCH Limited is the leading global platform for the luxury fashion industry. Founded in 2007 by José Neves for the love of fashion, and launched in 2008, FARFETCH began as an e-commerce marketplace for luxury boutiques around the world. Today the FARFETCH Marketplace connects customers in over 190 countries and territories with items from more than 50 countries and nearly 1,400 of the world's best brands, boutiques and department stores, delivering a truly unique shopping experience and access to the most extensive selection of luxury on a single platform. FARFETCH's additional businesses include Browns and Stadium Goods, which offer luxury products to consumers, and New Guards Group, a platform for the development of global fashion brands. FARFETCH offers its broad range of consumer-facing channels and enterprise level solutions to the luxury industry under its Luxury New Retail initiative. The Luxury New Retail initiative also encompasses FARFETCH Platform Solutions, which services enterprise clients 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.

Contact
Maela Jouy
FARFETCH
maela.jouy@farfetch.com

About thredUP
thredUP is transforming resale with technology and a mission to inspire a new generation of consumers to think secondhand first. By making it easy to buy and sell secondhand, thredUP has become one of the world's largest resale platforms for women's and kids' apparel, shoes and accessories. Sellers love thredUP because we make it easy to clean out their closets and unlock value for themselves or for the charity of their choice while doing good for the planet. Buyers love shopping value, premium and luxury brands all in one place, at up to 90% off estimated retail price. Our proprietary operating platform is the foundation for our managed marketplace and consists of distributed processing infrastructure, proprietary software and systems and data science expertise. In 2018, we extended our platform with thredUP's Resale-As-A-Service (RaaS^Ⓡ), which facilitates modern resale for a number of the world's leading brands and retailers. thredUP has processed over 125 million unique secondhand items from 35,000 brands across 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.

Contact
Christina Schultz
thredUP
media@thredup.com

 

View original content:https://www.prnewswire.com/news-releases/farfetch-launches-donate-service-in-us-powered-by-new-white-label-offering-from-thredups-resale-as-a-service-301322555.html

SOURCE thredUP

FAQ

What is the FARFETCH Donate program?

The FARFETCH Donate program allows customers to donate clothing while earning shopping credits, powered by thredUP's Resale-as-a-Service.

How does the partnership between FARFETCH and thredUP work?

FARFETCH utilizes thredUP's technology to offer customers 'Clean Out Kits' for donating items, with a portion of sales supporting charities.

When was the FARFETCH Donate program launched in the US?

The FARFETCH Donate program was launched in the US on June 30, 2021.

What are the sustainability goals for FARFETCH by 2030?

FARFETCH aims to become 'more circular than linear' by 2030, focusing on sustainability and reducing fashion waste.

What is thredUP's role in the FARFETCH partnership?

thredUP powers the FARFETCH Donate program by providing its Resale-as-a-Service technology, facilitating an easy donation process.