Latest news with #Topshop.com
Fibre2Fashion
24-04-2025
- Business
- Fibre2Fashion
ASOS can face US tariffs fallout due to improved agility, flexibility
British online fashion retailer ASOS posted higher half-year earnings for the 26 weeks to March 2, saying it can cope with the fallout from US tariffs due to 'improved agility and flexibility' of its sourcing and distribution model despite facing new upheavals from tariffs and trade turmoil. Its half-year adjusted earnings (EBITDA) for the period was £42.5 million (~$56.57 million). The company said it is on track for annual earnings to hit £130-£150 million (~$173.04-199.7 million). ASOS posted higher half-year earnings for the 26 weeks to March 2, saying it can cope with the fallout from US tariffs due to 'improved agility and flexibility' of its sourcing and distribution model despite facing new upheavals from tariffs and trade turmoil. Its half-year adjusted earnings for the period was $56.57 million. It said it is on track for annual earnings to hit $173.04-199.7 million. The United Kingdom is ASOS's biggest market, but the United States accounts for about 10 per cent of its total sales. Customers are responding well to increased newness and speed to market as gross margin was up year on year (YoY) in the first half (H1) of fiscal 2024-25 of the company, driven by lower markdown activity and higher full-price mix, demonstrating strength of new commercial model offering, the company said in its summary of financial results. In the United Kingdom, total ASOS Design sales rose by 9 per cent YoY in H1. Globally, own brand full-price sales returned to YoY growth in the first half. "H1 FY25 is the strongest sign yet that our new commercial model is working. We are driving a significant transformation in profitability, with positive adjusted EBITDA up by c.£60 million YoY. Customers are responding positively to our focus on full-price sales, speed to market, and quality,' Jose Antonio Ramos Calamonte, chief executive officer said. 'These successes have been achieved whilst maintaining strong cost control and improving our inventory health. We look forward to a fantastic pipeline of new products, brands and customer experiences, and remain confident in our ability to deliver sustainable, profitable growth," he added. Initiatives in the second half include launching loyalty programme, live shopping features, enhanced search and personalisation, as well as further leveraging artificial intelligence across the business. Fibre2Fashion News Desk (DS)
Yahoo
28-02-2025
- Business
- Yahoo
ASOS unveils restructure to drive growth and customer focus
British online retailer ASOS has unveiled a series of organisational changes aimed at reinforcing its customer-centric strategy to stimulate growth and strengthen global leadership in fashion. These adjustments follow significant strategic advancements such as stock level reduction, product improvement, debt refinancing and operational efficiency enhancements. The company emphasised that the revamped structure prioritises the customer in all its operations, expedites decision-making and fosters a culture of ongoing innovation and enhancement. The initial phase of restructuring, which started in the first quarter of fiscal 2025, concentrated on the technology department, leading to a nimbler and more effective framework dedicated to serving ASOS customers better and fostering growth. The company has transitioned to a product operating model, establishing product development teams (PDTs) that concentrate on key areas such as loyalty programmes, and Test & React initiatives. PDTs operate under the leadership of an engineering lead in collaboration with a product manager. ASOS has augmented its workforce with more than 100 software engineers and more than 40 product managers. In February 2025, the company appointed Przemek Czarnecki as technology executive vice-president (EVP), succeeding interim tech vice-president Hugh Williams. With the reorganisation of the digital product and technology functions now complete, ASOS is set to restructure other critical business segments to maintain its growth trajectory and improve customer service efficiency. The commercial and customer functions will merge into a unified team responsible for delivering an engaging customer experience both on-site and off-site. This amalgamated team will be led by a new commercial and customer EVP. ASOS is also adopting a geography-based structure to enhance local strategies and customer engagement. The company appointed Sean Trend as managing director for the UK and US. Jag Weatherley will serve as managing director for Europe and the rest of the world. Brand and creative strategies are combined under Vanessa Spence as EVP for this area of operations. This move aims to establish a cohesive creative vision for ASOS as a fashion destination. ASOS has formed a dedicated team for the Topshop and Topman brands, spearheaded by Michelle Wilson as managing director. Wilson will also oversee ASOS' global wholesale business which involves partnerships with Nordstrom, Reliance Retail and BESTSELLER. The people experience and corporate affairs and strategy departments have merged to align strategic decision-making with communication efforts. Ras Vaghjiani will lead as EVP for people, communications and strategy with support from Rishi Sharma as senior vice-president for corporate affairs and strategy. These changes will take effect in April 2025. CEO José Antonio Ramos Calamonte stated: "These changes represent an exciting new chapter for ASOS. By reorganising and focusing on our strengths, we're better equipped to seize opportunities and accelerate our growth. 'We will continue to innovate, collaborate and lead with our passion and commitment as we relentlessly pursue our goal of becoming the world's number one destination for fashion-loving twenty-somethings." In January 2025, ASOS revealed plans to overhaul its global distribution network as it aims to enhance its US operations. "ASOS unveils restructure to drive growth and customer focus " was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
06-02-2025
- Business
- Yahoo
The Edit Ldn Founder Moses Rashid Named Topshop Global Marketing Director
LONDON – Moses Rashid, founder of the rare sneaker resale platform The Edit Ldn, has joined Asos as global marketing director for Topshop and Topman. In his new role, Rashid is charged with shaping the marketing strategy, building awareness within global markets, re-engaging the brand with relevant audiences, and executing a plan across the next 12 months to support the relaunch of More from WWD Asos Offloads Topshop to Bestseller, Partners With H&M Group for Cheap Monday's Comeback Asos Revives Topshop, Topman for a New, Digital Generation Scandalous British Retail Tycoon Sir Ralph Halpern of Topshop Dies at 83 'Topshop was an institution for many of us, it was known for being innovative, rebellious, and inspirational,' said Rashid, who reports to Michelle Wilson, managing director of Topshop and Topman. 'There continues to be a lot of love for the brands through the Asos platform and we're excited to bring the best of fashion to a broader audience. You can expect some exciting partnerships with both exciting creative talent and international retail partners.' Wilson said the Topshop leadership team is rebuilding Topshop and Topman's presence outside of the Asos platform and aims to acquire new consumers through the relaunch of and new retail partnerships. 'Rashid brings great brand-building experience and an entrepreneurial and innovative spirit to complement the talented team of London-based designers and product developers that create exciting fashion for our customers,' said Wilson. As reported, Asos last September entered a joint venture with Heartland, the investment and holding company representing the interests of Bestseller owner Holch Povlsen and his family, to purchase a 75 percent stake in the Topshop and Topman brands. The move raised 135 million pounds, or $178 million, to help Asos repay debts amid refinancing. As part of the deal, Asos has certain design and distribution rights for the Topshop and Topman brands in return for a royalty fee to enable it to continue marketing and selling the brands online. Asos acquired Topshop, Topman, Miss Selfridge, and HIIT from the now-collapsed Arcadia in 2021 and revealed new identities for Topshop and Topman in September 2022. Nordstrom, which acquired a minority interest in the Topshop and Topman brands in 2021, still holds a minority interest in Asos. After founding The Edit Ldn in 2020, Rashid expanded the platform to Harrods in London, and launched pop-ups in Galeries Lafayette Doha, and Harvey Nichols in Riyadh. He was able to secure $4.8 million in seed round funding led by the New York-based Regah Ventures, an early investor in Uber, Coinbase, and Reddit, with participation from sports celebrities including NBA player PJ Tucker, Premier League star Jesse Lingard, and New York Giants captain Xavier McKinney. Soccer player Ollie Watkins and sports presenter Josh Denzel later invested in The Edit Ldn as well. Due to cash-flow constraints in the last quarter of 2023 amid a challenging trading environment that saw e-commerce giants like Farfetch and Matches being sold at a fraction of their peak market valuations, The Edit Ldn was sold to BrandAlley, a British off-price online retailer, at the beginning of 2024. After staying for another year as CEO, Rashid parted ways with The Edit Ldn last month. Best of WWD EXCLUSIVE: Maje Names Charlotte Tasset Ferrec CEO Nadja Swarovski Exits Family Company Amid Ongoing Corporate Shakeup Aeffe MD Exits Fashion Group
