Asos invests in Covetique
Online fashion retailer Asos has moved into pre-owned designer clothing market by investing in luxury resale website Covetique.
The retailer has made a "significant minority investment" in the company and has appointed a senior representative board member.
Asos said it will help Covetique to grow over the next few years and will also share its online retail and operational expertise with the company as well as its customer base.
Founded in 2011 by Nicola McClafferty and Bobby Devins, Covetique sells pre-owned designer clothing, footwear, and accessories from luxury brands such as Alexander McQueen, Burberry and Mulberry.
Commenting on the investment, Asos chief executive Nick Robertson said: "Our global base of fashion-lovers, predominantly in their twenties, shop Asos own-label and our edit of brands, as well as boutique brands and previously-owned product on Asos Marketplace.
"With Covetique, we are excited to extend this offer, through a site dedicated to re-selling high-end, well-presented fashion pieces, much more accessibly priced than they would be brand new. We look forward to supporting the team with developing and further defining their position in the market."
Nicola McClafferty, Covetique CEO, added: "We are very excited to be working with Asos. As the global leader in online fashion we couldn’t ask for a better partner to support the growth and development of our business.This partnership will help us to achieve our vision for the business."
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