Asos invests in Covetique

Online retailer Asos has announced that it has made a "significant minority investment" in Covetique, the online marketplace that sells pre-worn designer clothing and accessories. The investment for an undisclosed sum marks the e-tailers first foray

into the luxury resale market, and it has stated that as well as providing financial backing that it will also share with Covetique its online retail and operational expertise to help it grow.

Founded in 2011 by Nicola McClafferty and Bobby Devins, Covetique sells second-hand clothing, footwear, and accessories from designer labels including Alexander McQueen, Burberry and Chanel, all of which are in “pristine condition” at discount prices.

To ensure its high-quality stock, Covetique offers free courier collection, quality-checking, authentication, pricing, photo production, editorial and shipping, providing a hassle-free way to offload unwanted designer pieces.

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.

“Covetique is changing the face of luxury resale and capturing the hearts and wardrobes of women around the world. This partnership will help us to achieve our vision for the business.”

In addition to its investment, Asos will also appoint a senior representative to the Covetique board.