ASOS to discontinue local operations in China
This will provide its Chinese customers with access to the full circa 80,000 product range compared to the current 6,000.
ASOS said it expects the financial impacts of this decision to be one-off closure costs of up to £10 million, of which the majority will be non-cash, and operating losses to closure in the current financial year of around £4 million.
Nick Beighton, ASOS chief executive, said: “We’ll continue to do business in China. We are simply serving our growing customer base there in a more efficient, less costly manner.”
ASOS will announce its results for the six months to 29 February 2016 on 12 April.
Email this article to a friend
You need to be logged in to use this feature.
Please log in here