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.
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%.
READ MORE:
Enerbrain, a smart building company, has received 5.2 million in investment for its international development in 2021-2023.
Bitcoin shot up by 5 per cent, dragging upward the entire cryptocurrency market, after the El Salvador decided to recognise it as legal tender.
Families doing the weekly food shop are being tricked into spending more of their hard-earned cash by sneaky supermarket tactics.
The new digital coins offer many advantages to the global market and especially the gambling and gaming sector.
Food prices in the UK have finally experienced a long-awaited decline, according to the British Retail Consortium (BRC).
Bitcoin experienced a brief surge in value after a post on the US Securities and Exchange Commission's (SEC) Twitter account announced the approval of new exchange-traded funds (ETFs) for the cryptocurrency.
Here are some basic tips that, with the needed changes in your financial habits, can make you sort out your debts and manage them properly
For an online store, efficient product delivery is crucial. Choose WooCommerce Shipping and find out how to best manage the shipping process.
Disposals and oil price increase got BP's debt load from $38.9 billion down to $35 billion in three months, CEO Bernard Looney is reporting on figures and share buybacks on April 27.
Sergey Kondratenko analyzes statistics of open banking.