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Asos interim chief financial officer to step down

Asos has announced that its interim chief financial officer Katy Mecklenburgh will be stepping down from the position following a six month notice period. The news comes just one month after Mecklenburgh was appointed to the interim role after Asos’ former CFO Mat Dun exited the company in October 31, 2022. On departing the retailer in May 2023,...

Dec 2, 2022

Report

Asos loosens performance targets for exec bonus scheme

Fast fashion e-tailer Asos has altered the criteria for its annual executive bonus scheme to reflect its sharp decline in finances. In a notice on its website, the retailer said the changes were “appropriate” in order to “better align with business priorities”. According to the Financial Times, the new scheme will be applicable to Asos’ new CEO...

Dec 1, 2022

BusinessFeatured

Asos reportedly set to scrap 100 jobs as new CEO cuts costs

Struggling fashion e-tailer Asos is said to be cutting over 100 jobs as its new chief executive officer steps in to implement a restructuring plan. José Antonio Ramos Calamonte was appointed to the leadership position in June 2022, with a plan to simplify the business and “unlock sustainable long-term growth” through short-term operational...

Nov 1, 2022

Business

Frasers Group snaps up stake in Asos and increases Hugo Boss shares

Frasers Group has once again upped its stake in Hugo Boss, and has also increased its hold in Asos as Mike Ashley reportedly sets his sights on establishing a relationship with the struggling online retailer. The group increased its investment in Hugo Boss by 4.3 percent, with its shares of common stock now representing 28.5 percent of the...

Oct 25, 2022

BusinessFeatured

Asos agrees to 650 million pounds banking facility as it prepares stock write off

Asos said it is preparing to implement a 100 million pound stock write-off in 2023, under a new commercial model that aims to increase flexibility within its logistics operations and reduce costs. The announcement comes as part of the online retailer’s newly published financial report for the year to August 31, 2022, in which the company also...

Oct 20, 2022

ManagementFeatured

Asos swings to loss as inflation dents consumer spending

Asos delivered total sales growth of 4 percent or 1 percent on a reported revenue basis to 3,936.5 million pounds and a pre-tax loss of 31.9 million pounds, down from a profit of 177.1 million pounds a year ago. The company expects to report loss driven by the usual profit phasing and exacerbated by elevated markdown to clear stock in the first...

Oct 19, 2022

Business

Asos reportedly in talks for 350 million pound credit facility with lenders

E-commerce fashion company Asos is said to be in talks to renegotiate terms on its bank facility after it was revealed that its biggest lenders had hired advisors. The retailer is reportedly seeking a 350 million pound credit boost as it aims to make amendments to its borrowing agreements, according to a report by Sky News. Now said to be in the...

Oct 17, 2022

BusinessFeatured

Asos reveals rejuvenated visual identity for Topshop and Topman

Since its acquisition of Arcadia-owned labels in 2021, online retailer Asos has set out on expanding and rejuvenating the brands for its own platform and shoppers. Now, the company has revealed a new visual identity for both Topshop and Topman, which will be featured on the brands’ standalone digital shop fronts on the retailer’s website. It...

Sep 29, 2022

Report

Asos non-executive director Karen Geary steps down

Asos non-executive director Karen Geary has decided not to seek re-election at this year's AGM and will step down from the board at the conclusion of the AGM on December 1, 2022. Commenting on the development, Jørgen Lindemann, chair of Asos plc, said: "On behalf of the board, I would like to thank Karen for her significant contribution to Asos,...

Sep 16, 2022

Report

Asos expects full year profit to be at lower end of expectations

In a trading update for the 12 months ended August 31, 2022, Asos plc said profit is anticipated to be around the bottom end of company guidance, with constant currency sales growth of 2 percent and net debt of 150 million pounds. The company said in a release that full-year sales, adjusted PBT and net debt are anticipated to be in the range of...

Sep 9, 2022

Business

Asos 'quietly' removed sustainable fashion edit ahead of greenwashing investigation

Asos is said to have “quietly” removed its sustainable fashion collection from its website weeks before a UK watchdog launched an investigation into potential greenwashing by the brand. The retailer’s ‘Responsible Edit’ was launched in 2019 as a “one-stop-shop” for sustainable clothing and coincided with a filter that allowed shoppers to search...

Aug 30, 2022

Report

Asos CFO Mat Dunn to step down

Mat Dunn, chief operating officer and chief financial officer at Asos plc will step down from his roles as the company restructures its executive team. Commenting on the mutually agreed decision, Jørgen Lindemann, Asos chairman, said: "I would like to thank Mat for the enormous contribution he has made to Asos over the past three years, and in...

Aug 17, 2022