Asos, the online fashion group, has announced that it will invest £90million by building a new UK fulfilment centre based in Lichfield, Staffordshire.
Asos, the online fashion group, has announced that it will invest £90million by building a new UK fulfilment centre based in Lichfield, Staffordshire. Their plan will in turn create 2,000 more jobs over the next three years.
Asos announces £90 million investment
During the pandemic the company decided to open a new warehouse as a result of its annual profits more than quadrupling since the start of the crisis.
Asos revealed in a statement that the 437,000 square feet estate at Fradley Park will open within a year and will be running at full capacity by 2023.
Nick Beighton, Asos’ chief executive officer, said: “This significant investment in infrastructure and large-scale job creation is a reflection of the confidence ASOS has in its future and the quality of the skills and talent available in this well-placed location.”
Alok Sharma, Business Secretary, declared the firm to be a “great British success story” with a “skilled workforce”. He added: “This job-creating investment in Lichfield is exactly the type of long-term commitment we need from businesses as we build back better from the pandemic.”
Asos declared pre-tax profits of £142.1million for the year to August 31, up 329% from £33.1million a year earlier, as sales jumped 19% including 18% growth in the UK.
Rising costs due to the pandemic didn’t stop the company from succeeding by making savings across the group while a trend for customers to buy more thoroughly and return less also offset the reduced demand for “going-out” items.
Furlough support worth £1.8 million was repaid, after confirming its sales had surpassed £1billion during the first lockdown.
Asos said its customer base grew 16% to 23million between March and May, and that the number of items sold increased 15%.