Asos has announced a host of board changes, including the end of Nick Beighton’s 12-year tenure as chief executive, as it enters the next stage of growth.
Beighton will step down with immediate effect, while chief financial officer Mat Dunn will take on the additional role of chief operating officer.
Director of group finance Katy Mecklenburgh will also be promoted to interim chief financial officer, while Ian Dyson will replace Adam Crozier as non-executive chair of the Asos board.
Beighton will remain available to the business until the end of 2021 while a search for his replacement ensues.
He said: “I have enjoyed every moment of my 12 years at Asos. When I joined, there were fewer than 200 people and we had annual sales of around £220m. I leave a business reporting turnover of almost £4bn, with more than 3,000 fantastic Asos-ers delivering for 26 million customers in 200 markets around the world.
“I am particularly proud of the way in which we have led our industry on putting sustainability at the heart of everything we do with our Fashion with Integrity programme. I wish Mat and the rest of the team well for the next phase of the Asos journey.”
Asos also recorded soaring sales and profits in the year to August 31 as its international customer base grows.
The online fashion giant reported adjusted profit before tax up 36% to £193.6m, while revenues rose 22% in constant currency to £3.91bn.
Asos said it saw exceptional growth in the UK and US markets, with sales up 36% and 21% respectively.
Its beauty range, Face + Body, now represents a £150m business, up 49% year on year, while Asos’ venture brands, which include the labels Design and AsYou, grew 69%.
Looking forward, Asos has laid out plans to accelerate its international expansion by doubling its US and European business, including the launch of its partnership with Nordstrom later this year.
The retailer also aims to add £1bn to its annual own-brand sales and launch a partner fulfilment programme.
It said the new board changes would help to underpin this new global strategy.
Dunn said: “Asos has delivered another strong performance, with continued growth in customer numbers driving further increases in sales and profits.
“Our success has been underpinned by our focus on delighting fashion-loving 20-something customers with greater choice, service and engagement.
“We have also continued to invest in our platform and offer, including the successful acquisition and integration of the Topshop brands. This performance is based on the hard work and determination of all Asos-ers and I want to thank them for everything they have done.
“Looking ahead, while our performance in the next 12 months is likely to be constrained by demand volatility and global supply chain and cost pressures, we are confident in our ability to capture the sizeable opportunities ahead.”
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