Asos takes stake in luxury marketplace site
Etail giant Asos has taken a minority stake in pre-owned luxury marketplace website Covetique for an undisclosed sum.
Covetique, which specialises in selling pre-owned designer clothing including clothing, footwear and accessories, will work with Asos to grow the business over the next few years.
As part of the investment Asos will appoint a senior board member to assist Covetique with its growth strategy.
Chief executive Nick Robertson said the deal would allow Asos to extend its offering “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, chief executive of Covetique, 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.”