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ASOS to discontinue local China operations
08
Apr '16
Courtesy: ASOS plc
Courtesy: ASOS plc
The board of ASOS has announced that it will discontinue local operations in China, but will continue to serve its growing China customer base via ASOS.com. This will provide its customers with the benefit of the full ASOS c.80,000 product range, compared to the c.6,000 that they can currently access.

Commenting on the closure, Nick Beighton, CEO of ASOS said, “We will continue to do business in China. We are simply serving our growing customer base there in a more efficient, less costly manner.”

It is estimated that the financial impacts of this decision are one-off closure costs of up to £10 million, of which the majority will be non-cash, and operating losses to closure in the current financial year of c.£4 million.

These amounts are pre-tax, and will be presented as discontinued operations at the year end. (MCJ)

ASOS plc


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