UK: Asos invests in pre-owned luxury website Covetique
Online clothing retailer Asos has invested in second hand designer clothing website Covetique for an undisclosed amount.
Asos said it will grow the Covetique business over the next few years with a minority investment and a senior representative board member. It will also share its online retail and operational expertise as well as its customer base.
Asos CEO 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."
Last month, Asos saw its full-year profit before tax jump 217% to reach GBP40m on the back of international sales growth.
Covetique, which was founded Nicola McClafferty and Bobby Devins in 2011, said 15% of its sales come from international markets.
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