Friday 20 April 2018

Asos buys 30pc of website

Shane Hickey

IT is the dilemma of well-heeled ladies across Chelsea and Kensington – what to do when last year's collections are taking up too much space for this season's wardrobe.

An online firm headed by an Irish businesswoman claims to have the answer by collecting the "pre-owned" Christian Louboutins, Fendis and Monolo Blahniks, repackaging them and selling them through a high-end eBay-style website.

Covetique, headed by Dubliner Nicola McClafferty, has attracted the attention of the listed online fashion retailer Asos which announced last week it had taken a 30 per cent stake in the firm for an unknown sum.

Ms McClafferty, who formerly worked in Barry Maloney's Balderton Capital, said some of the sellers on the site would spend five to six figures per season on new clothes and did not previously have a way to sell on their old wardrobe.

In some cases, women have sent in 100 pieces of clothes at an average original retail price of €617 each.

Ms McClafferty and business partner Bobby Devins retain the remaining 70 per cent of the company following the deal with Asos.

Sunday Indo Business

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