Asos: Covetique taken down
British site Covetique, which is devoted to the resale of luxury women’s products, is being taken down. It’s a disappointment for the e-retailer Asos, which acquired 30% of the site in 2012 with the hopes of competing with Vestiaire Collective, The Dresser and Tags-on.
Launched in 2011, Covetique has announced the discontinuation of its business on its website, citing the extreme sadness and heavy hearts of its employees. "Your support and custom was invaluable in achieving [our goals]," the site said in a message to its customers. "Continuing to provide the top quality level of service rightly demanded involved a level of investment that became unsustainable."
"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," Asos told RetailWeek.
During the first first six months of its fiscal year ending on February 28, Asos saw its turnover rise by 14% to 550 million pounds. Its previous fiscal year was marked by a decline in profits, which went from 59.4 to 45 million pounds. Its sales, meanwhile, had increased by 27% to 975.5 million pounds.
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