7 April 2016
ASOS plc ("the Company")
Global Online Fashion Destination
ASOS to discontinue local China operation to focus on .com
The Board of ASOS announces that it has decided to discontinue local operations in China. ASOS will continue to serve its growing China customer base via ASOS.com, providing its customers with the benefit of the full ASOS c.80,000 product range, compared to the c.6,000 they can currently access.
It is estimated that the financial impacts of this decision are one-off closure costs of up to £10m, of which the majority will be non-cash, and operating losses to closure in the current financial year of c.£4m. Both of these amounts are pre-tax and will be presented as discontinued operations at the year end.
Nick Beighton, ASOS CEO commented: "We'll continue to do business in China. We are simply serving our growing customer base there in a more efficient, less costly manner."
ASOS will announce its results for the six months to 29 February 2016 on April 12th.
For further information:
ASOS plc |
Tel: 020 7756 1000 |
Nick Beighton, Chief Executive Officer |
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Helen Ashton, Chief Financial Officer Greg Feehely, Director of Investor Relations |
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Instinctif Partners |
Tel: 020 7457 2020 |
Matthew Smallwood / Justine Warren / Guy Scarborough |
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JPMorgan Cazenove |
Tel: 020 7742 4000 |
Michael Wentworth-Stanley / Caroline Thomlinson |
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Numis Securities |
Tel: 020 7260 1000 |
Alex Ham / Luke Bordewich |
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