ASOS announces new interim CFO as fast fashion chain attempts to rebuild after £32m loss
Online fashion giant ASOS has brought in an experienced new interim CFO with as it continues its post-pandemic overhaul to plug on-going losses.
The pandemic darling announced that 75 per cent of its new 12-person decision-making team has been filled, as part of a major turnaround bid called ‘Driving Change’.
Its new ‘reinforced leadership and refreshed culture’ drive was announced in October following poor results and the stepping-down of its CFO.
Fast fashion firms, including Asos and Boohoo, have fallen out of favour with investors as lockdown-era growth has not translated into post-pandemic profitability.
As part of its new simplified team it brought in Sean Glithero as interim CFO, with Katy Mecklenburgh leaving in May, and is set to join London-listed IT group Softcat in 2023
The company said he is a “highly experienced” in the role with a 28-year finance career including ten years as a CFO, at firms ranging from Auto Trader and Funding Circle Holdings and to MatchesFashion.
Other roles filled by ASOS relate to supply chains, marketing, finance and communications.
This comes after Asos said it is looking to slash 100 jobs in 2023, as the fashion retailer tries to rebuild after heamograhing losses.
The retailer employs around 3,300 people, and made the announcement last year, with its boss José Antonio Ramos Calamonte saying that Asos could “achieve far more”, after it posted a £32m reported pre-tax loss.
This comes after Asos reported a further decline in UK sales on 12 January of this year, with the fast fashion flagship’s boss insisting the firm was making good progress on a turnaround plan.
UK sales slipped eight per cent year on year in the four months into December 31, with the firm blaming “weak consumer sentiment.”