Nils Pratley said online fast fashion giant Asos started the year victoriously by “gathering the remnants of Philip Green’s empire.” Guard. It’s been going downhill ever since. This week, the group (founded in 2000 and focused on the twenties) warned that next year’s profit could be up to a third lower than expected – prompting a 13% drop in share price and prompt departure from CEO Nick Beighton.
Asos’ market capitalization has halved since the beginning of the year, reaching £2.4 billion. “For long-term Asos watchers, there is something familiar with this story”: every time the share price hits £60, it halves within 12 months. Looks like the “damn struck again”.
“In the absence of details, spikes get on the nerves of investors,” Lex said. FT, especially in the midst of a global growth spurt. Whoever takes over from Beighton should add “a flak jacket” to their “wardrobe essentials”.
He blames Asos”supply chain hell”, said Alex Brummer daily mail. “There should be some sympathy for that,” but it’s far from the whole story. Asos has allowed “financial ambition” to “go far beyond market changes” with “terrible” results. “Watching all this from Monaco, Filip Green A sarcastic smile can be forgiven.”
Oscar Williams-Grut said Beighton did a “great job” at Asos, but left on “a nasty note”. London Evening Standard. There was “no suggestion” Beighton was on his way out – now he’s gone overnight, “although he’s stuck with it until the end of the year to assist with the handover”.
Nick Bubb, an independent retail analyst, Standard He said shareholders of the online retailer would be “disturbed” to hear Asos “threw the famous cat among the pigeons” amid the shocking news of Beighton’s resignation. Market.com’s Neil Wilson said it would be “a huge loss for the company”.