Oct 11, 2021
Asos warns on profits as chief executive leaves
Online fashion retailer Asos has announced the immediate departure of chief executive Nick Beighton after six years in post and warned that profits could fall by more than a third this year because of supply chain problems and Brexit. Chief financial officer Mat Dunn will become chief operating officer and will handle the daily running of the business. In the year to the end of August, overall group sales at Asos increased 20 per cent to £3.9bn boosted by the group's beauty division and the integration of Topshop, the former Arcadia brand that it bought in February. Asos said on Monday that it was facing "Industry-wide supply chain pressures" and tough comparable figures from the first half of the year, when online shopping was boosted by long periods of lockdown. Dunn, who takes over the running of Asos with immediate effect, said that while "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".
Make a complaint about Asos by viewing their customer service contacts.