REG - ASOS PLC - ASOS to discontinue local China operation <Origin Href="QuoteRef">ASOS.L</Origin>

AsosAnnouncement

07/04/2016 09:45

RNS Number : 4846U
ASOS PLC
07 April 2016
7 April 2016
ASOS plc ("the Company")
Global Online Fashion Destination
ASOS to discontinue local China operation to focus on .com
The Board of ASOS announces that it has decided to discontinue local operations in China. ASOS will continue to serve its growing China customer base via ASOS.com, providing its customers with the benefit of the full ASOS c.80,000 product range, compared to the c.6,000 they can currently access.
It is estimated that the financial impacts of this decision are one-off closure costs of up to 10m, of which the majority will be non-cash, and operating losses to closure in the current financial year of c.4m. Both of these amounts are pre-tax and will be presented as discontinued operations at the year end.
Nick Beighton, ASOS CEO commented: "We'll continue to do business in China. We are simply serving our growing customer base there in a more efficient, less costly manner."
ASOS will announce its results for the six months to 29 February 2016 on April 12th.
For further information: 
ASOS plc 
Tel: 020 7756 1000
Nick Beighton, Chief Executive Officer

Helen Ashton, Chief Financial Officer
Greg Feehely, Director of Investor Relations

Instinctif Partners
Tel: 020 7457 2020
Matthew Smallwood / Justine Warren / Guy Scarborough 
 
JPMorgan Cazenove
Tel: 020 7742 4000
Michael Wentworth-Stanley / Caroline Thomlinson  

Numis Securities
Tel:020 7260 1000
Alex Ham / Luke Bordewich 


This information is provided by RNS
The company news service from the London Stock Exchange
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