ASOS' Big Investment: Luxe Reseller Covetique

News & Scoops

2012 November 26

ASOS chose Covetique as an AW '12 "Style Obsession"; now is investing
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(NEW YORK) ASOS is branching out from chicly affordable new togs: the British fast fashion brand has made a significant minority investment in Covetique, a website that buys and sells pre-owned designer duds. The top-notch labels in Covetique's preloved slew of online goods for offer are authenticated, priced, photographed, and shipped by the firm, which was founded last year. ASOS has toyed with slightly-used attire via its ASOS Marketplace section of its business, but its buy-in of Covetique signifies the company's debut effort in the upscale resale arena. In other ASOS news, the company enjoyed a 40 percent increase in yearly profits; back in 2007, ASOS rolled out a monthly magazine to satiate its 18- to 34-year-old demographic on an editorial level.

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