**Selling/consigning** with Fashionphile

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#2,596
blinggirl74 said:
I can’t help but wonder if fashionphile will make it through this economy. Neiman Marcus is currently in talks with Saks for them to be sold to Saks. Neiman is a big contributor to Fashionphile as far as capital, services, and resources. Fashionphile is not doing buyouts any longer for amounts exceeding a certain threshold I know it’s somewhere between $5,000- and $9,000. They are definitely leaning towards consignment than buyouts. They removed virtual appointment services to reduce staff required. They changed their policy for returns, consignments where now you only get paid after the item is fully sold and not returned whereas before you were paid regardless if the item was returned. The return period went from 30 days to 15 days. We now pay for returns. There’s also been lots of complaints that they don’t honor the buyout prices after you ship them the item and come back with lower prices or state the item is not in compliance with their brand requirements. Don’t get me wrong I don’t want to see them go, I love them but I’m also questioning all the changes I’m recently seeing.
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Every time I've sent a bag to one of the privately owned high-end resellers after agreeing upon a price, I was subsequently quoted a lower price than we'd originally agreed upon. My experience is this is the way they all do business. This for me consistently dates back to at least 15 years.
 
#2,597
audreylita said:
Every time I've sent a bag to one of the privately owned high-end resellers after agreeing upon a price, I was subsequently quoted a lower price than we'd originally agreed upon. My experience is this is the way they all do business. This for me consistently dates back to at least 15 years.
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Only few did that to me and I no longer selling to them after they did that to me more than two times.
 
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#2,598
discreetlux said:
I was actually at the Carlsbad selling studio today and got some pretty good quotes!

I was a bit nervous, because I wanted to sell some LV Damier Azur pieces, and recently a lot have been popping up on their site. I was worried they would be rejected for too much inventory, but the prices were way higher than any other reseller, I was quite pleased.
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I didn't know you could go there and get a quote. If you accept the quote, they pay you and it's a done deal?
 
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#2,599
onlyk said:
I believe Fashionfile is in a very good place compare to some other consignments, I’m not in love with the company to say these, I say that because I been watching its site almost everyday and have experience with them for years, the reason I believe they are fine is, they have very experienced buyers and sellers so they making profits very well, they quickly adjust themselves to better position themselves in the market ( such as, shorten the return window and barged $15 return shipping etc) and they put items on sale with extra discount to keep items moving even they may lose on some but in whole they making money; they have lots of cash reserves; they have made name for themselves put them in a more well known place compare to other resellers… I think they are fine.

The biggest challenge actually is other resellers and new selling platforms, Fashionfile and other established consignments need to give sellers and buyers reasons to continue buying and selling with them.
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I agree with you. Fashionphile is number one (imo) as a great place to buy preloved due to how they run their business, which keeps buyers like me coming (even though their prices aren't as low as others on some items). I was told by one of the employees there that since they hired on an employee that worked for Chanel to help run the business, the goal is to sell and keep items moving, which may explain why I have noticed when an item I'm watching that was marked down, even at 30% and is purchased but later returned, that sale price still remains which is nice. Before, the item would return to the original listing price and the 30 day cycle of discounts would start all over again, which was a pain. Lol. They are also started opening up "pop up" stores that they call their outlet. There is one in San Diego that opened up in October or November I believe of last year and there is one in Irvine. There may be more, but an employee there told me they are planning to open more of these pop up outlets. They are making changes yes, but are definitely still growing and they are getting more exposure as well, creating new customers that never heard of them until they saw FP at the outlet. Neimans has been on the brink of bankruptcy for years, if anything Fashionphile was helping them as it brought people into their stores when they did store pickups and when a seller wanted to be paid in Neimans credit, vs cash or Fashionphile credit. It will be a bummer for me if Fashionphile doesn't work with Neimans as I always have my Fashionphile purchases coming from NY shipped there as it was more convenient for me (not waiting around for the driver) and it gave me peace of mind opening the package in front of an employee in case there was an issue (as I'll have a credible witness). Perhaps if Saks buys out Neimans the building will just be a Saks vs torn down and Fashionphile will just work with Saks.
 
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#2,600
sdkitty said:
I didn't know you could go there and get a quote. If you accept the quote, they pay you and it's a done deal?
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Yes you can go to FP in person to sell and to purchase. To sell you need an appt as the buyers quote only on an appt. If you accept the quote they can pay you in direct deposit, FP credit or Neimans credit. With either credit you gain an extra 10% towards your quote. With the deposits, if I sell earlier in the week I usually get my money deposited within 2 days. If it's closer to the weekend it takes longer, about 4 days is what I have experienced. I have read on here someone waited longer. I've been shopping and working with FP since 2016 or so and never had an issue with getting paid in a timely manner. I prefer to get my quotes in person as I prefer to drop off my item vs shipping it. Online quotes I found to not be as generous as when they view in person.
 
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#2,601
Debbie65 said:
Yes you can go to FP in person to sell and to purchase. To sell you need an appt as the buyers quote only on an appt. If you accept the quote they can pay you in direct deposit, FP credit or Neimans credit. With either credit you gain an extra 10% towards your quote. With the deposits, if I sell earlier in the week I usually get my money deposited within 2 days. If it's closer to the weekend it takes longer, about 4 days is what I have experienced. I have read on here someone waited longer. I've been shopping and working with FP since 2016 or so and never had an issue with getting paid in a timely manner. I prefer to get my quotes in person as I prefer to drop off my item vs shipping it. Online quotes I found to not be as generous as when they view in person.
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thank you. good to know. I live about 40 minutes from Carlsbad. They quoted me more on my rolex than the two other sources I checked with - about half what they would sell it for. don't know if I really want to sell but I think if I decide to pursue it further I'll make an appointment and go up there.
 
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#2,602
sdkitty said:
thank you. good to know. I live about 40 minutes from Carlsbad. They quoted me more on my rolex than the two other sources I checked with - about half what they would sell it for. don't know if I really want to sell but I think if I decide to pursue it further I'll make an appointment and go up there.
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You're welcome! If they quoted you online there is a good chance they will quote higher in person. Good to know they out quoted 2 others. :)
 
#2,603
sdkitty said:
thank you. good to know. I live about 40 minutes from Carlsbad. They quoted me more on my rolex than the two other sources I checked with - about half what they would sell it for. don't know if I really want to sell but I think if I decide to pursue it further I'll make an appointment and go up there.
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What is really nice also is if you choose store credit and find something you like in the showroom, you can purchase it same day.
 
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#2,606
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#2,607
Debbie65 said:
Love it! Lol. It's so easy to get caught up and shop while waiting. Lol. FP knows what they are doing by WAVING "carrots" in front of us. Lol :smile:
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You mean when they insist you put your things in the bags to “try them out” and then insist you saunter around the showroom taking selfies with pretty much any bag they stock? I now NEED two Birkins :lol:
 
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#2,608
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#2,609
blinggirl74 said:
I can’t help but wonder if fashionphile will make it through this economy. Neiman Marcus is currently in talks with Saks for them to be sold to Saks. Neiman is a big contributor to Fashionphile as far as capital, services, and resources. Fashionphile is not doing buyouts any longer for amounts exceeding a certain threshold I know it’s somewhere between $5,000- and $9,000. They are definitely leaning towards consignment than buyouts. They removed virtual appointment services to reduce staff required. They changed their policy for returns, consignments where now you only get paid after the item is fully sold and not returned whereas before you were paid regardless if the item was returned. The return period went from 30 days to 15 days. We now pay for returns. There’s also been lots of complaints that they don’t honor the buyout prices after you ship them the item and come back with lower prices or state the item is not in compliance with their brand requirements. Don’t get me wrong I don’t want to see them go, I love them but I’m also questioning all the changes I’m recently seeing.
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They were a far better company before the partnership with NM. I think they needed NM more than the other way around, because it came during Covid when FP was struggling and needed/wanted expansion, which NM provided. They are an asset for NM and assets often get sold off in mergers and sales so it's possible FP would get tossed if Saks buys NM. NM used to have a partnership with The Real Real before FP and ended that, so it can happen to FP just as easily. The return policy for consignments and purchases is very bothersome; it indicates (at least to me) some financial issues and needing their customers to absorb costs.
 
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#2,610
ccbaggirl89 said:
They were a far better company before the partnership with NM. I think they needed NM more than the other way around, because it came during Covid when FP was struggling and needed/wanted expansion, which NM provided. They are an asset for NM and assets often get sold off in mergers and sales so it's possible FP would get tossed if Saks buys NM. NM used to have a partnership with The Real Real before FP and ended that, so it can happen to FP just as easily. The return policy for consignments and purchases is very bothersome; it indicates (at least to me) some financial issues and needing their customers to absorb costs.
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Yes this is my concern. I know the NM deal provided them with capital infusion but now with all the cosignment only quotes it worries me that they are experiencing some issues. I love fashionphile so I am hoping this is not the case. They changed a lot of the things I liked about them such as free returns, 30 day return periods and buyouts. I was going to do a cosignment with them but the change in policy to not allow payouts if the item is returned created a pause for me.
 
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