ASOS News Update: ASOS Lose Kate Bostock
ASOS news update: Former head of clothing at M&S Kate Bostock has announced that she will leave ASOS after just six months with the online clothing company.
“Asos said in a stock market statement on Tuesday morning that Ms Bostock, one of the leading names in the UK clothing industry, had resigned with immediate effect from the board of the company.
Nick Robertson, chief executive and founder of Asos, said: “Kate and I have agreed that Asos is not the right platform for her talent.
“Of course we are disappointed that things haven’t worked out and Kate leaves with our very best wishes. In the meantime, we have a very strong team in place and the business continues to fire on all cylinders.”
Mr Robertson insisted there was “nothing sinister” in the departure of Ms Bostock, but that she had been used to “different cultures”.
As well as working at the 129-year-old high street retailer M&S, Ms Bostock has held key roles at George, Asda’s fashion label, and Next.
In contrast to the long-established high street names of M&S and Next, Asos was founded in 2000 by Quentin Griffiths and Mr Robertson, a former advertising executive, as an online-only clothing retailer focused on “fashion-forward twenty somethings”.
Today, Asos is worth £3.6bn. Its share price has doubled in the past year as the retailer has reported rapid growth in the UK and overseas.
Mr Robertson announced the appointment of Ms Bostock last October after she stepped down from her role as executive director for general merchandise at M&S.
The appointment was seen as a coup for Asos, with Ms Bostock tasked with growing the company’s range of own-label clothing and improving its supply chains. She was given the role of executive director for product and trading.
Mr Robertson said at the time that Ms Bostock would bring “her wealth of experience from some of the biggest names in retailing”.
On Tuesday, Mr Robertson said her role will now be fulfilled by the “existing, highly successful retailing team” while Asos consider whether to seek a replacement for Ms Bostock.
It is understood that Ms Bostock, who was awarded a salary of around £400,000, will not receive a pay-off from Asos.
Ms Bostock said: “Asos is a formidable business and I have great respect for the team I have been working with – they are right at the cutting edge of young online fashion.
“Sadly, I’ve concluded that Asos isn’t the right place for me. I will not regret the experience and I wish Nick and all at Asos continued success.”
The departure of Ms Bostock follows the announcement that Asos’s international director Jon Kamaluddin will leave the business after nine years, and the exit of product director Rob Bready.
However, despite the departures, last month Asos recorded another rapid growth in sales. In the three months to May 31, Asos said sales rose 43pc to £197m. This includes a 39pc increase in the UK to £64.3m, but also a 59pc rise in the US and a 56pc increase in Europe.
The company has also started selling Primark clothing online as part of a trial with the discount fashion retailer, which does not have its own online operation.”
ASOS are undergoing several staffing changes this year but they continue to be a prominent presence in the world of internet shopping as their high fashion, low prices combination continues to appeal to their target market – largely students.
This article was originally published on The Telegraph.
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