Business
ASOS to discontinue local China operation
ASOS to discontinue local China operation.
About this update from Asos Plc
[{"type":"text","content":"\n \nRNS Number : 4846U ASOS PLC 07 April 2016 \n\n \n7 April 2016\n \nASOS plc (\"the Company\")\nGlobal Online Fashion Destination\n \nASOS to discontinue local China operation to focus on .com\n \nThe 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.\nIt 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.\nNick 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.\"\nASOS will announce its results for the six months to 29 February 2016 on April 12th.\n \nFor further information: \n\n\n\n\nASOS plc \n\n\nTel: 020 7756 1000\n\n\n\n\nNick Beighton, Chief Executive Officer\n\n\n\n\n\n\n\nHelen Ashton, Chief Financial Officer\nGreg Feehely, Director of Investor Relations\n\n\n\n\n\n\n\n \nInstinctif Partners\n\n\n \nTel: 020 7457 2020\n\n\n\n\nMatthew Smallwood / Justine Warren / Guy Scarborough \n\n\n \n\n\n\n\n \nJPMorgan Cazenove \n\n\n \nTel: 020 7742 4000\n\n\n\n\nMichael Wentworth-Stanley / Caroline Thomlinson &nbs...