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The global fashion business journal

27 May 201913:22

Asos seeks new chairman as it paves the way for complete executive reshuffle

The British ecommerce group has begun interviewing potential candidates to replace Brian McBride, who has served as chairman for the past six years.

29 May 2018 — 17:40
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Asos seeks new chairman as it paves the way for complete executive reshuffle

 

 

Asos is looking for a new chairman. The British ecommerce fashion group has been interviewing candidates to replace its chairman Brian McBride, who will leave office after almost six years.

 

The group is believed to be working with headhunting company Russel Reynolds in order to find its new chairman, as reported by Sky News. After hiring a new executive, Asos is expected to undertake a complete team reshuffle.

 

Brian McBride joined the ecommerce company in November 2012, after heading Amazon’s UK business as chief executive officer. The executive replaced Lord Waheed Alli, who acted as Asos chairman for more than a decade. McBride is currently also the chairman of cycling and tri-sports business Wiggle, on the board of white goods company AO.com and is a senior adviser to Scottish Equity Partners.

 

 

 

 

Asos posted a 27% growth of 27% in the first half of the fiscal year (ended February 28), mainly driven by the strong boost of international business, which rose 30.7%. Earnings before interests and taxes increased by 9.5% compared to the same period of the previous fiscal year.

 

In the medium to long term, the group expects to achieve annual sales of 4,000 million pounds (4,590.2 million euros). The investment foreseen for fiscal 2018 and 2019 will range between 230 million and 250 million pounds (264 million and 286.8 million euros). The company is also about to close the obtaining of a revolving credit facility of 150 million pounds (172.1 million euros).

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