Wednesday, May 22, 2019

Asos planning China expansion as retail sales grow 40 per cent


Retail sales surged by 40 per cent at Asos as the fast fashion retailer reported another strong performance for the year ended 31 August 2013.

Profit before tax and exceptional items were up 23 per cent to £54.7m but it was in the international market where its success came with 63 per cent of total retail sales coming from overseas.

In a statement, the company said it will launch in China soon after launching a webiste in Russia this May.

Founded as As Seen On Screen Ltd in 2000, Asos is one of the biggest success stories of British retailing in recent years.

Nick Robertson, CEO, Asos commented: “During the year we continued to make progress towards our goal of being the world‘s number one fashion destination for 20-somethings. We reached the milestone of 7 million active customers worldwide, following significant investment in our product offer, delivery options, customer experience and marketing.”

During the year Asos added new third party brands including New Look, Monki, Jack Wills and Pull & Bear.

Asos, who set up offices in the EuraTechnologies tech start-up hub in Lille, France a year ago, revealed that they were signing up a customer every minute at their busiest times.

Gaele Wuilmet, who heads up its French office said one of the reasons the retailer decided to move to Lille was due to convenient business links with London and Paris.

“Lille is the capital of e-commerce and fast fashion,” she declared during a morning briefing at Asos France yesterday.

Shares in Asos have more than doubled in the past year, but slipped 5.1pc in early trading on Wednesday to £52.03.