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)
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