After 15 years at the helm, Asos founder and chief executive Nick Robertson has stepped down with immediate effect. Robertson will remain with the online fashion retailer as a non-executive director, with Nick Beighton, formerly Chief Operating Officer, taking to the chief executive role in his stead.
Stiff competition from local rivals together with unfavourable currency movements have cost the company dear
“On behalf of everyone who works at ASOS, I’d like to acknowledge Nick Robertson’s extraordinary achievement. 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,” wrote the Asos Chairman Brian McBride in a statement. “We are fortunate to have such an able successor for the CEO role in Nick Beighton. Nick has unique experience of the company built over six years, equipping him to drive ASOS along its growth trajectory to become the world’s leading online fashion retailer for 20 – somethings”.
The board shake-up was widely anticipated, with Helen Ashton, recently appointed to the position of CFO, ready to take to the COO role in place of Beighton.
Founded with a view to selling clothes sported by celebrities – hence As Seen on Screen – Asos has fast evolved into an industry powerhouse and the London-based business today is worth approximately £6bn. The company has seen impressive growth over the years, having expanded across Europe, North America and Asia along the way – yet recent months have shown that the internet giant is not without its problems.
Stiff competition from local rivals together with unfavourable currency movements have cost the company dear, and its share price is half of what it was at the early stages of 2014. Asos last year issued profit warnings on three separate occasions, and the company’s reputation as the undisputed giant of UK e-commerce has suffered somewhat.