Asos CEO Nick Beighton steps down as it warns on profits

Asos
The retailer now plans to expand internationally

Asos chief executive Nick Beighton has stepped down after 12 years as it warned that higher logistics costs and supply chain disruption could force 2022 profits to drop by over 40 per cent.

Beighton will step down with immediate effect, while chief financial officer Mat Dunn will take on the additional role of chief operating officer.

Group finance director Katy Mecklenburgh will be promoted to interim chief financial officer, while Ian Dyson will replace Adam Crozier as non-executive chair.

READ MORE: Asos offers colleagues paid leave for health-related issues

Beighton will remain available to the business until the end of 2021 while a search for his replacement ensues.

“I have enjoyed every moment of my 12 years at Asos,” he said.

“When I joined, there were fewer than 200 people and we had annual sales of around £220 million.

“I leave a business reporting turnover of almost £4 billion, with more than 3000 fantastic Asos-ers delivering for 26 million customers in 200 markets around the world.

“I am particularly proud of the way in which we have led our industry on putting sustainability at the heart of everything we do with our Fashion with Integrity programme.”

In the year to August 31, Asos reported adjusted profit before tax up 36 per cent to £193.6 million, while revenues rose 22 per cent in constant currency to £3.91 billion.

Asos said it saw exceptional growth in the UK and US markets with sales up 36 per cent and 21 per cent respectively.

The retailer now plans to expand internationally, doubling its US and European business, including the launch of its partnership with Nordstrom later this year.

It also aims to add £1 billion to its annual own-brand sales, and launch a partner fulfillment programme.

Dunn said: “Asos has delivered another strong performance, with continued growth in customer numbers driving further increases in sales and profits.

“Our success has been underpinned by our focus on delighting fashion-loving 20-something customers with greater choice, service, and engagement.

“We have also continued to invest in our platform and offer, including the successful acquisition and integration of the Topshop brands.”

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