Founder of online fashion store Asos quits CEO position
Online retailer Asos has confirmed its chief executive Nick Robertson will step down with immediate effect from the company he founded 15 years ago.
Mr Robertson will become a non-executive director at the firm that targets fashionable 20-somethings and will be replaced by current chief operating officer Nick Beighton.
The fashion site, which sells more than 80,000 branded and own-brand products to 9.7m customers, said Mr Beighton joined six years ago as chief financial officer, before being promoted to his current post last October. Shares fell as much as 6%.
Mr Robertson founded Asos — which stands for As Seen On Screen — in 2000.
The company was floated on London’s junior market in 2001 with its shares worth 20p, but are now currently worth around £28 each, valuing the business at £2.4bn.
Mr Robertson oversaw the growth of the brand from a UK business to one with international operations in countries such as the United States, France and Australia.
Asos chairman Brian McBride praised Mr Robertson’s “extraordinary achievement”.
He added: “His passion and vision have built a start-up into a world-class company. We are all delighted that Nick will continue to contribute to the company that he started.”
The firm said in June it expected to see its full-year revenues come in at the top end of its expectations with a rise of 15% to 20%.
This would represent a recovery after a tough 2014 that saw it issue a string of profit warnings amid tough overseas trading.
The company is rolling out local pricing in Australia, France, Germany, Spain and the US.