Asos set to raise £500 million for global growth strategy
Fast fashion pureplay Asos is looking to raise £500 million for a global expansion push.
It is planning to offer a tranche of convertible bonds, which would provide it with “additional flexibility to continue to invest” in its global growth strategy.
The move would also help to refinance its February acquisition of Arcadia brands including Topshop.
Robust growth
Yesterday, Asos reported that adjusted profit before tax hit £112.9 million in the six months ended 28th February, a £82.8 million increase on the previous half year.
As coronavirus lockdowns continued to see the closure of non-essential retailers and in turn boost the online shopping space, revenue was up 25% to £1.98 billion.
The retailer also added an extra 1.5 million new active customers, taking its total base to 24.9 million.
Elsewhere, 120 new brands were added to the Asos platform.
There were over 100 new delivery enhancements and 18,300 new Click and Collect locations to expand the total Click and Collect offering to 166,000 locations globally.
Nick Beighton, CEO, commented: “These record results, which include robust growth in sales, customer numbers and profitability, demonstrate the significant progress we have made against all of our strategic priorities and the strength of our execution capability.”
He added: “The swift integration of the Topshop brands and the impressive early customer engagement is also especially pleasing.”
“Looking ahead, while we are mindful of the short-term uncertainty and potential economic consequences of the continuing pandemic, we are confident in the momentum we have built, and excited about delivering on our ambition of being the number one destination for fashion loving 20-somethings.”
