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Asos to axe 100 roles

Online fashion retailer Asos has announced plans to axe over 100 roles after recording poor financial results for the year. Redundancies will take place across all… View Article

FASHION

Asos to axe 100 roles

Online fashion retailer Asos has announced plans to axe over 100 roles after recording poor financial results for the year.

Redundancies will take place across all parts of ASOS, which employs more than 3,000 people in the UK.

The news comes after the company revealed losses of £39 million in 2022.The fashion brand was also forced to write up around £130 million of stock. Pre-tax figures were down by 118 per cent from the £177 million profit recorded in 2021.

The company’s chief executive, José Antonio Ramos Calamonte, said that Asos needs to improve the way it operates, describing the business as too capital intensive, complex, and overstretched globally.

Calamonte added that the company was disappointed with its international performance in the US, France, and Germany, particularly given the extent of its investment in North America.

An ASOS spokesperson said: “Simplifying and reducing our cost profile is a core part of ASOS’ change agenda that was outlined at full-year results.

“As part of this, we have taken the tough but necessary step to outline proposals to reduce the number of roles across the business.

“We will work closely with those potentially affected to support them through the consultation process and will seek to redeploy colleagues wherever possible.”

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