Oct 16, 2019

Asos FY profits fall by two-thirds

Asos chief executive Nick Beighton said its 2019 financial year was "Pivotal". On top of its recent appointment of a new chief financial officer and four non-executives, Asos will get a chief growth officer, chief commercial officer, chief people officer and a chief strategy officer to bring "Greater depth and experience to Asos". Houlihan, a New York investment bank known for its expertise in bankruptcy matters, is assessing ways to cut lossmaking WeWork's liabilities as the company decides between rival rescue packages from its lead banker, JPMorgan Chase, and SoftBank; all parties declined to comment. Mr Solomon said that investments in projects such as Goldman's online bank Marcus, its Apple credit card and a transaction banking platform would work out for the group. The expected A$1bn IPO by the company, which is owned by private equity group KKR, Deutsche Bank and Varde Partners, was its second attempt at a listing after it dropped plans for a float last year.

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