Asos 'planning 100 redundancies', marketing department most affected
today Jul 8, 2019
Asos could be set to cull some jobs at its London head office as slower sales weigh on the operations of even one of the most successful e-tailers in Britain.
The company employs thousands of staff at the landmark Art Deco building in Camden and reports suggested that around 100 jobs could go with a big focus on cuts in the marketing department. Affected staff are believed to be in a consultation period at present.
The company remains one of the biggest players in UK (and international) fashion e-tail, but its previous impressive growth trajectory has ground to a halt in recent periods. This has affected the firm’s share price and meant that rival Boohoo overtook Asos in terms of overall market capitalisation last month.
The firm’s shares had plunged as much as 40% in December when it issued a profit warning saying that trading before Christmas had deteriorated significantly.
And its last set of half-year results, released in April, shows pre-tax profit fell 87% on the back of one-off costs.
Yet there’s nothing to suggest that Asos is losing its place as a key destination for 20-somethings to buy fashion. Those same half-year results showed retail sales rising 13% to nearly £1.3 billion.
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