Rixo launches UK resale platform with generous terms
The company said of this: 'Since launching in 2015, we've been committed to creating future vintage that people cherish and pass down through generations. Rixo Pre-Loved is our new official resale platform only available to UK customers, that further cements our commitment to creating timeless treasures and breathes new life into your past loves.'
Customers are able to both buy and sell Rixo pieces — whether pre-owned by them or sourced directly from the company. The platform will include 'rare gems and one-of-a-kind styles, including exclusive, hand-picked pieces from our founders' Henrietta and Orlagh's own wardrobes'.
To sell their items, shoppers need to take photos of their piece(s) and answer 'a few quick questions before submitting for review'. Once an item has been approved and sold, the seller will be emailed a pre-paid shipping label. The terms seem quite generous and payment will happen after the item has been received, coming either as the resale value or 110% in-store credit to shop new Rixo pieces.
The development comes after a busy period for the company. The London-based firm set foot in Ireland physically for the first time in May with the label opening its first store there in upmarket outlet destination Kildare Village. And last autumn it released its debut homewares collection, 'Casa Rixo', aiming to 'bring the Rixo aesthetic to the home'.
Just under a year ago, it made the New York City Prince Street pop-up it had launched a few months earlier into a permanent retail store 'in response to the tremendous success and positive feedback from the local community and visitors since the store's opening'.
The positive impact of the pop-up had contributed to an increase of 43% in direct sales (both store and e-commerce) in the US since it opened.
But while it has been very active on the store opening front generally, the investment required has dented its profits.
Its latest set of accounts — for 2023/24 — were filed this spring and showed revenue dipping marginally in an 'uncertain market with subdued consumer spending in a period of difficult trading conditions'. But operating profit was down to just over £303,000 from £2.3 million a year earlier. Profit before tax also dropped sharply to £391,000 from £2.3 million and net income fell to £251,000, down from £1.8 million.
The company's administrative expenses increased from £9.2 million in the previous financial year to £11.2 million as it continued to build brand awareness by investment in digital and brand marketing alongside opening stores.
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