News that ASOS CEO Nick Beighton has stepped down rather put the firm’s results statement in the shade. But there’s no denying the company remains one of the most successful in fashion retail, even if growth is slowing.
The ASOS annual results Monday were overshadowed by CEO Nick Beighton stepping down with immediate effect. The e-tail giant said new leadership would “underpin delivery of the next phase of its global growth strategy”.
ASOS has launched of a new package of wide-ranging policies for its staff. It aims to provide “crucial support to colleagues of all genders and circumstances going through health-related life events”.
Ambitious and industry leading is how ASOS describes the next phase of its “stretching” Environmental, Social, and Corporate Governance (ESG) goals. It includes a commitment to achieve carbon Net Zero by 2030.
ASOS has formed a North American joint venture with US-based multi-channel retailer Nordstrom, which will take a minority interest in the Topshop, Topman, Miss Selfridge and HIIT brands "to help drive their growth”.
ASOS has bought Topshop, Topman, Miss Selfridge and HIIT and will move fast to integrate them into its set-up. It said it's an attractive opportunity and they saw fast sales growth on its platform in the latest period.
Asos concluded a strong year with a four-month autumn and festive period that showed just how strong a business it is. Sales soared not just in the UK but globally and it expects higher profit as a result.
Online retailers have boomed during the pandemic and that means warehouse expansion has been significant. The latest name to announce new capacity is Asos that plans to invest £90m in radically expanding its UK space.