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Asos chief executive Nick Beighton steps down

Asos has announced that its chief executive Nick Beighton has stepped down after six years in the role and 12 years with the business. In a… View Article

FASHION

Asos chief executive Nick Beighton steps down

Asos has announced that its chief executive Nick Beighton has stepped down after six years in the role and 12 years with the business.

In a statement, the online fashion retailer said Beighton and the board had agreed that now was the right time for him to leave his role.

While a search for Beighton’s successor has already begun, Asos chief financial officer Mat Dunn will take on the additional role of chief operating officer and lead the business on a day-to-day basis on an interim basis, while Katy Mecklenburgh, currently director of group finance, will become interim chief financial officer.

Meanwhile, Beighton will remain available to the board until the end of 2021 to ensure a smooth handover.

In a further move, Asos has made two changes to is board. Ian Dyson will become non-executive chair of the board to replace Adam Crozier, whose decision to step down has been previously announced. Dyson is currently Asos’s senior independent non-executive director and audit committee chair. He will take up his new position on 29 November.

In addition, Jørgen Lindemann will be joining the board as a non-executive director. Currently chair of Danish fashion marketplace Miinto, he is a former president and chief executive of Modern Times Group, the Swedish-based digital entertainments business, and recently stood down from the board of Zalando following a five-year stint as a non-executive director.

Explaining the changes, Crozier said “Over the last three years we have made significant progress, delivering 60% growth in revenues, improved profitability and a strengthened balance sheet; we have bolstered the management team and improved Asos’s operational capabilities and resilience. At the same
time, however, we recognise that there is more to do to accelerate the pace and intensity of commercial execution.

“Asos’s management and board have spent considerable time over recent months developing and validating a clear strategic plan to accelerate international growth, building on Asos’s undoubted strength in the UK. This will allow Asos to deliver against the ambition to be one of the few truly global leaders in online fashion retail. Key to that is ensuring that we have the right leadership in place for the next phase.”

Asos also announced that its has brought forward the release of its annual results from 14 October until today. In the six months to 31 August, group revenue climbed by 20% to £3.9 billion while adjusted pre-tax profit rose by 36% to £193.6 million.

The retailer said it achieved particularly strong sales growth of 36% in the UK, while sales in the US, EU and rest of the world increased by 21%,15% and 6% respectively.

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 acquisition and integration of the Topshop brands.”

 

 

 

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