Galeries Lafayette is closing Instantluxe.com, the luxury goods resale site it bought two years ago in a bid to tap into the growing markets for second-hand goods. The French retailer will also close the two Instantluxe.com corners in Paris at the Galeries Lafayette flagship on Boulevard Haussmann and the BHV Marais department store, a spokeswoman for the brand said. The site employs around 10 people, who will be offered positions within the group. Instantluxe.com sells certified secondhand luxury products, specializing in leather goods, jewelry, watches and accessories. In November last year, it launched a luxury bag rental service. The site is believed to have struggled to attain critical size against more established market players such as Vestiairecollective.com in what is still a nascent segment in France, leading Galeries Lafayette to prioritize other investments.

Among its projects, Galeries Lafayette plans to open a new flagship on Avenue des Champs-Élysées next year, and has five overseas stores in the pipeline: Doha, Kuwait City, Luxembourg, Milan and Shanghai.