Dublin and London-based luxury re-sale technology platform, Open for Vintage (OFV) and Luxclusif, a Farfetch-owned resale platform, are collaborating to launch "The Loop," a handbag buyback service.

Customers can trade in their designer handbags for store credit that can be applied to future purchases on the upscale resale marketplace through "The Loop," which can be accessed directly from the OFV website. This helps to "increase the volume of pre-owned merchandise across the wider Farfetch network."

In order to obtain a proposed repurchase price within two days, clients only need to submit product specifications and images of their bags. This service is intended to give OFV customers "a more comprehensive circular experience." The bag is submitted to Luxclusif for free verification after being approved by the customer.

After the verification is finished, OFV will give the client store credit, and Luxclusif will keep possession of the bag.

In order to improve the entire customer experience, "The Loop" comes alongside a brand-new OFV website, which involves the platform moving its order management solution to industry-leading marketplace platform Onport, another wholly owned Farfetch subsidiary. By utilizing Onport's technology and market knowledge, the switch to Onport will allow OFV to expand globally and scale up more quickly.

Colin Saunders, chief executive of Open for Vintage, said that the Loop's launch and partnership with Luxclusif and Onport support their mission to create the most trusted destination in re-sale by offering customers an unmatched experience to discover, shop ethically, and extend the lifecycle of luxury goods.

Luxclusif's co-founder and CEO, Rui Rapazote, said that they're thrilled to collaborate with Open for Vintage and provide their technology for resale as a service. They are certain that their end-to-end solution - spanning technology, operations, and commercial - will be crucial for Open for Vintage's user experience and circularity efforts. They believe their experience in running huge programs will be very advantageous to Open for Vintage."

The Loop will first be offered in the UK before expanding to other parts of Europe and the US.