Luxury pre-owned website Covetique shuts down

Covetique, the luxury pre-owned e-tailer, has officially closed its virtual doors after three and half years of trading due to increasing competition affecting its sales.

The online retailer, which sold second hand designer labels such as Chanel, Louis Vuitton and Prada, was back by internet giant Asos who acquired a 30 percent stake in the firm in a multi-million pound deal in 2012.

"This venture was part of a very clear strategy of making sure we explore interesting opportunities and, whilst we are disappointed that the investment did not work out as hoped this time, we will always continue to explore newness," said Asos in a statement on the closure of the website.

Founded in 2011 by venture capital investor Nicola McClafferty and former banker Bobby Devins, the now non-transactional website features a statement thanking all its sellers and buyers for their support. "It is with extreme sadness and heavy hearts that we have now closed our doors. Over the past 3.5 years Covetique has helped you sell and buy your luxury wardrobes and in that time grew to become the leader in the UK for luxury resell. Your support and custom was invaluable in achieving this."

"However, continuing to provide the top quality level of service that customers rightly demand involved a level of investment that became unsustainable. So, it is with much regret and personal sadness that we have closed our doors," concludes the statement from the team at Covetique.