Nick Beighton has surprised the market with his resignation following twelve years with the online retailer. His move followed the issue of a profit warning as sales slowed and rising costs reduced margins. The four months to June are understood to have been plagued by weaker demand and the impact of increased freight costs. Sales are, however, still growing and reached £3.91 billion for the year to August ‘21. Exceptional growth had come from the UK (+36 per cent) and the USA (+21 per cent).
Beighton had been with ASOS for twelve years, having joined when the business employed less than 200 people and had annual sales of £220 million.
Beighton said: “I have enjoyed every minute of my 12 years at Asos.
“I leave a business reporting turnover of almost £4 billion, with more than 3000 fantastic ASOS-ers delivering for 26 million customers in 200 market 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.”
Beighton remains available to the business until the end of the year, but has stepped down with immediate effect. In his absence, CFO Mat Dunn will assume the additional role of chief operating officer, group finance director Katy Mecklenburgh becomes interim CFO and Ian Dyson is to replace Adam Crozer as non-executive chair. A search has commenced for a new CEO.
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