Nick Robertson, the founder of British online fashion retailer ASOS, has quit as chief executive after 15 years in which he transformed the Internet start-up into a retail powerhouse with millions of fans around the world. ASOS, whose fast fashion is popular with Internet savvy twentysomethings as well as celebrities such as singer Rita Ora, said on September 02 that Nick Beighton, its chief operating officer, would take over the top job with immediate effect.
Robertson, who started the business in 2000, made it one of the retail success stories of the original dot-com boom. But competition has increased as new online rivals have sprung up and established retailers now also sell via the web.
ASOS had a tough 2014 when it issued three profit warnings, hurt by the intensifying competition, a step-up in investment, the negative impact of exchange rates and a fire at its main warehouse. But its shares have risen 17 percent so far in 2015 as trading has recovered.
Last month, the company raised its full-year profit guidance after a strong third quarter in which its global active customer base grew to 9.7 million.
Uncertainty over whether the loss of Robertson could hinder growth contributed to a fall of over 5 percent in ASOS shares early on September 02.
But most analysts viewed the succession as orderly, noting the recent appointment of Helen Ashton as chief financial officer had freed Beighton to focus on operational matters.
They were also relaxed about the changes as Robertson, 48, is staying on as a non-executive director.
"It is not a big surprise, as he (Robertson) has been a little disengaged from the business recently," independent retail analyst Nick Bubb said. "Beighton has been well groomed as his successor."