In most regions, regulation prevents mass disposal. Disposal most frequently occurs if packs are damaged or if they are in regions that lack necessary market structure. When an EV battery reaches the end of its useful first life, manufacturers have three options: they can dispose of it, recycle the valuable metals, or reuse it (Exhibit 1). After remanufacturing, such batteries are still able to perform sufficiently to serve less-demanding applications, such as stationary energy-storage services. Yet, these batteries can live a second life, even when they no longer meet EV performance standards, which typically include maintaining 80 percent of total usable capacity and achieving a resting self-discharge rate of only about 5 percent over a 24-hour period. Subjected to extreme operating temperatures, hundreds of partial cycles a year, and changing discharge rates, lithium-ion batteries in EV applications degrade strongly during the first five years of operation and are designed for approximately a decade of useful life in most cases. In addition to the US launch, consumers in Europe will now be able to shop from localized versions of the FARFETCH Second Life website in the following languages: German, Dutch, Spanish, French, Italian, Danish and Swedish.Video Sparking a second life for EV batteriesĮV batteries have a tough life. We’re thrilled to scale this model globally and are looking forward to expanding the categories consumers can give a second life to.”
Enabling services, like FARFETCH Second Life, that make it easy for consumers to do this, also offers an attractive opportunity to engage luxury consumers to shop with FARFETCH. Thomas Berry, Director of Sustainable Business said: “Extending the useful life of fashion items is absolutely critical to the sustainability of the industry. After the successful launch of the FARFETCH Second Life pilot program in the European market last year, we are excited to bring this service to our consumers in the US.” Like the online luxury market, the pre-owned luxury market is growing rapidly and is forecast to reach $64 billion within the next five years. Giorgio Belloli, Chief Commercial and Sustainability Officer said: “The luxury fashion industry is increasingly aligning with sustainable fashion. Climate Conscious Delivery which makes every consumer delivery from carbon neutral, combining our work on packaging efficiency, renewable energy and carbon offsetting.A Fashion Footprint Tool to help consumers easily identify how they can help the planet with their wardrobes.The FARFETCH Donate service (powered by Thrift+), which enables consumers to make hassle-free donations and receive FARFETCH credit in return.One of luxury fashion’s best selections of conscious products, made with positive environmental and social standards.
SECOND LIFE RESALE SERIES
In addition to FARFETCH Second Life, in the last year alone, the company has launched a series of product features and campaigns helping its consumers to shop more sustainably. Together with brand and boutique partners, the company is revolutionizing and reinventing the fashion industry for the future, in a way that benefits consumers, people and the planet. It’s a key part of Positively FARFETCH, the company’s mission to become the global platform for good in luxury fashion – empowering everyone they work with to think, act and choose positively.
Once verified, FARFETCH immediately credits the consumer’s account with the offered value, which they can use to purchase new items on .įARFETCH Second Life helps consumers extend the useful life of unused handbags in their wardrobes.
SECOND LIFE RESALE FREE
If the price is accepted, the bag is sent for verification, free of charge. These are reviewed by FARFETCH’s partner, who will offer a price within two business days. Interested consumers can visit the user-friendly site at to submit information and photographs of the bags they would like to sell. The program will enable consumers in the US to trade in their designer handbags for credit to be used towards future purchases on FARFETCH.
This follows the successful launch of a pilot in Europe in May 2019. NEW YORK November 18th 2020: FARFETCH Limited (NYSE: FTCH), the leading global platform for the luxury fashion industry, has today announced the launch of FARFETCH Second Life in the US.
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