BuyFair looks to transform the £5bn product overstock problem in the UK

New online auction site uses a multi-lot concept to sell on unwanted luxury products

The news last year that luxury fashion label Burberry destroyed clothes, accessories and perfume worth £28.6m in 2018, taking the total value of goods destroyed in the last five years to £90m, shocked many.

But a new online B2B and consumer auction site for premium branded goods and accessories is hoping to make this practice something of the past.

BuyFair uses a multi-lot function with enables the seller to divide up large lots of products and sell that product to several different buyers, and is aimed at both businesses who require access to premium brand stock at affordable prices and premium brands looking to solve overstock issues.

The concept was founded by Dominic Speelman after he experienced tough retail conditions in 2016.

According to Speelman, prior to the launch of Buyfair there was no other option to offload overstock other using a big company for stock clearance which meant clearing stock at small margins.

The market for overstock branded goods in retail is estimated to be work £5bn in the UK, according to BuyFair.

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