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Business News

Asos bags a share of luxury Covetique

Online fashion retailer Asos has branched out into the luxury market by buying a multi-million pound stake in Covetique, which sells pre-owned designer clothes, shoes and handbags on the web.

Asos targets "fashion-forward twentysomethings globally", and its customers will be able to access Covetique through its own website after it bagged a 30 per cent shareholding in the start-up for an undisclosed sum.

Founded in 2011 by financiers Nicola McClafferty and Bobby Devins, Covetique sells second-hand clothes and footwear, including styles (pictured) by Alexander McQueen and Burberry at discount prices.

Asos already sells second-hand clothes on its Marketplace site, but Covetique will extend its offer to luxury fashion pieces.