‘ASOS has got ambitious plans’ says CEO, hinting at buying more brands

With brick-and-mortar stores taking a hit around the world, due to imposed closures and lockdowns to mitigate the spread of the COVID-19 pandemic, it appears to be the dawn of a new era for e-commerce.

Following British online fashion retailer ASOS’ acquisition of Topshop, Topman, Miss Selfridge and HIIT brands last February, its CEO Nick Beighton has said that it is “highly likely” that more will follow as part of its multi-brand strategy.

In comments to Reuters, Mr Beighton affirmed that “ASOS has got ambitious plans,” as the group published record results for the quarter of the year.

“We’re building our business to be a substantially greater business with a 10-year view… It’s highly likely to achieve those goals we would pick-up some other brands or acquisitions along the way,” he maintained, stipulating that the brand has a strict criterion for selection.

“It’s got to be fashion, it’s got to be something our 20-somethings care about, it’s got to be a strong return for our (share) holders,” the ASOS CEO said.