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Asos Chief Robertson To Quit Fashion Giant

Asos Chief Robertson To Quit Fashion Giant

The chief executive of Asos is to step down 15 years after launching the online fashion retailer that went on to become one of the UK's most successful internet start-ups.

Sky News has learnt that Nick Robertson has informed Asos's board that he wants to step down in the coming months, but that he will remain on the board as a non-executive director.

The company's chief operating officer, Nick Beighton, is expected to succeed him, sources said on Tuesday.

The departure of Mr Robertson, who holds a stake in the company worth hundreds of millions of pounds, will be a symbolically important moment for Asos, which launched in 2000 and now claims to be the second-most-visited fashion website in the world.

The company began life under the name As Seen On Screen, bringing cheaper imitations of celebrities' fashion choices to the mass market, but evolving over time into a broader digital fashion aggregator.

A number of Asos's top shareholders were briefed on the planned changes after the stock market closed on Tuesday, according to City sources.

A statement is expected to be made to the London Stock Exchange before the market opens on Wednesday morning.

The fashion retailer's success ranks it among the most important online ventures established in the UK since the original dotcom boom, although the company has endured a difficult couple of years in which it has been hit by a string of profit warnings, slowing international sales and a fire at one of its warehouses in Yorkshire.

In April, Asos appointed Helen Ashton as its new chief financial officer, freeing Mr Beighton, who had held that role, to concentrate on his operational responsibilities.

At its most recent trading update in July, Asos said that sales during the four months to June 30 had risen 20%, in line with City expectations.

"After accounting for our price investments during the period, the full year gross margin is nonetheless expected to remain in line with last year, assisted by tighter inventory control and strong full price sales," Mr Robertson said at the time.

"We anticipate that sales for the full year will be at the higher end of our guided 15-20% growth range. We have increased investment in our people and our customer proposition, particularly in relation to free returns trials."

It is unclear whether Mr Robertson, a former advertising executive, has plans to continue corporate life after he steps down from the company he founded.

Asos, which declined to comment on the management changes, saw its shares close slightly down on Tuesday, valuing the company at £2.5bn.