// Asos founder and director Nick Robertson has offloaded £13.6 million worth of shares
// The retailers’ shares were accelerated by the demand in online clothes shopping
// Robertson made 3 disposals between November 5 and 9 and remains a significant shareholder
Asos founder and director Nick Robertson has offloaded £13.6 million worth of shares in the online retailer, weeks after revealing it had more than quadrupled its pre-tax profits.
The retailers’ shares were accelerated by the demand in online clothes shopping, as restrictions meant shoppers could not turn to bricks-and-mortar.
Robertson made three disposals between November 5 and 9 and remains a significant shareholder, retaining 3.34 per cent of the company.
The closure of non-essential bricks-and-mortar has led to Asos witnessing pre-tax profits reach £142 million over its 12 months to August 31, compared with £33 million at the same point last year.
Retail sales rose by nearly a fifth to £3.17 billion, and Asos said that it had started its current financial year in a solid position.
However, it remained cautious on consumer demand, citing likely disruption to the economic and lifestyle prospects of those in their twenties.
Asos shares dropped on November 9 following Pfizer’s coronavirus vaccine announcement, falling by a tenth.
However, the timing looks to have cost Robertson, who sold 148,000 shares priced at 4,370p, compared with 102,000 shares valued at 4,680p on November 6.
Most recently, fashion retailer Next’s long-standing chief executive Simon Wolfson sold over £10 million worth of shares in the fashion retailer, following a strong recovery in its share price since March.
Lord Wolfson sold 150,000 shares at £67.87 each, having made a similar disposal in 2019, which has enabled him to “spread his investments into other non-retail areas”.