A Fond Farewell to Nick Beighton Chief Executive at ASOS
News broke on Monday morning, 11th October, that Nick Beighton the Chief Executive at ASOS is stepping down after six-years in the role.
Nick Beighton has been with ASOS for 12-years in total and took over from Nick Robertson as CEO in 2015. In that time he has seen ASOS become a major online fashion retailer with a turnover of almost £4bn attracting 26 million customers.
After the huge success of leisurewear during lockdown a return to more formal styles is already giving rise to more customer returns. This combined with increased freight costs, Brexit duty, higher delivery costs and wages, suggests that profits are expected to fall quite dramatically. In light of these new trading conditions the board has planned changes right at the very top to implement the next phase of its global strategy. The timing felt right for Nick Beighton to step down and while a search for his replacement is under way chief financial officer Mat Dunn will oversee the day-to-day running of the business.
As a key UK supplier for ASOS Fashion-Enter Ltd CEO Jenny Holloway and her team have enjoyed a fantastic working relationship with Nick Beighton, and previously Nick Robertson, both had the foresight to invest in UK manufacturing and training facilities such as the Stitching Academy. Jenny Holloway said:
“Nick Beighton, the CEO of ASOS for the last six-years stepped down on Monday. How hard must that job be – taking a company from £220m when he joined to almost a staggering £4bn today. During this time there have been phenomenal changes within retail and etail, new age technologies, Covid, supply chain issues, Brexit…so so many variables, but the one thing you can depend upon is Nick’s positive attitude. His absolute gritty determination to do the best he can for all concerned, both within and outside of ASOS, and the genuine care he has for his staff, suppliers and customers.
“It is well documented that Fashion-Enter Ltd (FEL) would not be here today with a workforce of almost 200 producing nearly 30,000 garments a week from Wales and London without ASOS. They set up FEL with a grant in 2010 and predicted that on-shoring was the only real way forward for speed of response fashion. At the time Nick Robertson was CEO and Nick Beighton was CFO.
“Both Nick’s were the backbone of the iconic brand of ASOS. However, a brand is much more powerful than the clothes it markets; Nick Beighton has created the positive culture of ASOS and leaves behind a legacy of a professional team that puts ethics and sustainability at the heart of all they do.
“Thank-you again Nick Beighton for all the support you have given the manufacturers within the UK. You were certainly well ahead of the curve, a forward innovator and a calculated risk taker and your passion for our glorious fashion industry will remain. I think 2022 will be one exciting year ahead for the fashion industry and one thing for sure…cream rises to the top; we will be seeing Nick Beighton at the helm again in the New Year. I am convinced of that!”