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As a student reading the fashion section of SCAN, it’s safe to assume you’ve heard of Asos and chances are you’re probably responsible for at least a third of the packages the porters have to deal with from the fashion brand! But with the recent shocking announcement from the online retail giant that its chief executive Nick Robertson will be stepping down fifteen years after co-founding the company, what does it mean for the future of Asos? More importantly, what does it mean for the future of your wardrobe?
Originally known as “As Seen On Screen” due to the clothes sold being copies of celebrity outfits, Asos has grown massively over the years introducing its own label for women in 2004 and a beauty line in 2005. The company launched a magazine in 2007 and shortly after expanded its own label to include a men’s range. Attracting 98 million visits during December alone last year and delivering to almost every country world wide, it didn’t seem like Asos could put a fashion foot wrong.
However, in the past eighteen months, things have been rather rocky for the ‘fast fashion’ company. With a series of profit warnings, a fire at its warehouse and poor international sales due to economic downfalls, Robertson made the decision to step down as CEO. Succeeding him will be current chief operating officer Nick Beighton. And while Robertson will remain on the board as a non-executive director, since his shock announcement shares in Asos stock have fallen, causing investors to worry.
Though Asos is remaining tight lipped on any future plans Beighton may have for the company, a positive buzz is definitely being encouraged. Regardless of worried investors, analysts feel a new direction is a good thing insisting the change will return the brand to its status as the biggest and best online retail store. And if they’re wrong, we always have Missguided!