Nick Robertson, Asos Founder and Chief Executive, could be embarking on a huge shopping spree after pocketing over £20.2m yesterday, following the sale of 750,000 of his shares. The sale was supposedly prompted by a “big tax bill”.
Robertson, who launched the online fashion giant in 2000, sold shares on Wednesday afternoon at an average price of just over 2,716p each. Subsequently, the Asos boss still holds around 7m shares, worth 8.39% of the total issues share capital. Currently, Asos‘ market cap is valued at £2.18bn.
Robertson sold the shares at a higher point than they were at the beginning of this year, but after 2014, in which Asos was troubled with 3 profit warnings, stagnant international sales and a fire at its distribution centre, the share price is down more than 50% on this time in 2014.
ASOS has been the subject of much discussion over recent months, but take into consideration the past few years, and the burgeoning business still holds a strong reputation.
