ASOS : set to boost UK economy by £3.8bn and support an additional 25,000 jobs across the UK within the next four years

Published: 2022-01-17 06:15:11 ET ASC.L

17th January 2022: ASOS today releases its first-ever economic impact report, with new analysis highlighting the scale of its contribution to the UK economy and society.

Key Takeaways:

The research, conducted by Oxford Economics to mark ASOS' 21st birthday, shows that ASOS' contribution to UK GDP was £1.8bn in 2019-20. Plans to reach £7bn turnover in the next three to four years will further boost ASOS' impact in the UK, with GDP contribution estimated by Oxford Economics to increase by £2bn to £3.8bn. Up to 25,000 new jobs could be created off the back of this additional GDP contribution, bringing the total number of jobs supported by ASOS in the UK to around 60,000.*

Mat Dunn, Chief Operating Officer, ASOS, said: "Since ASOS began over two decades ago, we've grown from a tech start-up with just a handful of employees to become a truly global business, directly employing over 3,000 people. As we've grown in size and scale our economic and social impact in the UK has also dramatically changed, which is reflected in this new report from Oxford Economics.

"We're incredibly proud of the positive impact ASOS has on the UK's society and economy - this is testament to the skill, dedication, and hard work of the ASOS team. As we continue our journey to reach £7bn of annual revenue, we're looking forward to seeing how ASOS' contribution to the UK will further grow."

In addition to supporting national and international GDP and jobs, ASOS also contributes to levelling up and upskilling across the UK through:

[1] Comprising direct, indirect and induced taxes, at £399m, £220m and £205m respectively for 2019-20. For detail see page 26 of the report.

Pete Collings, Director of Economic Impact Consulting, Oxford Economics, said: "Our research demonstrates the significant contribution that a large and successful British company like ASOS can make to the economy, especially the jobs market and the UK's public finances, as the UK recovers from the deepest economic recession in living memory. ASOS provides crucial support for the UK economy across its supply chain and in all regions of the economy, including levelling up priority areas."

The full Economic Impact report can be downloaded here.

The Economic Impact report follows the launch of ASOS' Fashion with Integrity 2030 programme in September, which outlined four key goals to minimise the business' impact on the planet and deliver positive benefits for people. Those goals are Be Net Zero, centred around carbon emissions; Be More Circular, about transitioning to more circular systems; Be Transparent, focused on transparency and human rights; and Be Diverse, encompassing diversity, equity and inclusion.

Last week, ASOS released its Trading Statement for the four months ending 31 December 2021, announcing robust figures, alongside its intention to move to the London Stock Exchange's Main Market, expected by end of February 2022. Read the full results statement here.

-ENDS-

Notes to editors:

*According Oxford Economics' analysis, ASOS' plan to grow turnover to £7 billion per annum, from £3.3 billion in 2019-20, could be expected to boost the total annual GDP impact by around £2.0 billion, to £3.8 billion. The total number of UK jobs supported by its expenditure could be expected to increase by broadly 25,000, to somewhere in the region of 57,000.

About ASOS

ASOS is a destination for fashion-loving 20-somethings around the world, with a purpose to give its customers the confidence to be whoever they want to be. Through its market-leading app and mobile/desktop web experience, available in ten languages and in over 200 markets, ASOS customers can shop a curated edit of over 90,000 products, sourced from more than 850 of the best global and local third-party brands and its mix of 17 fashion-led own-brand labels - ASOS Design, ASOS Edition, ASOS 4505, ASOS Luxe, As You, Collusion, Reclaimed Vintage, Weekend Collective, Topshop, Topman, Miss Selfridge, HIIT, Dark Future, Unrvlld Spply, Crooked Tongues, Day Social and Actual. ASOS aims to give all of its customers a truly frictionless experience, with an ever-greater number of different payment methods and hundreds of local deliveries and returns options, including Next-Day Delivery and Same-Day Delivery, dispatched from state-of-the-art fulfilment centres in the UK, US and Germany.

About Oxford Economics

Oxford Economics was founded in 1981 as a commercial venture with Oxford University's business college to provide economic forecasting and modelling to UK companies and financial institutions expanding abroad. Since then, we have become one of the world's foremost independent global advisory firms. Our best-in-class global economic and industry models and analytical tools give us an unparalleled ability to forecast external market trends and assess their economic, social and business impact. We employ 450 full-time staff, including more than 300 professional economists, industry experts, and business editors-one of the largest teams of macroeconomists and thought leadership specialists. Oxford Economics is a key adviser to corporate, financial and government decision-makers and thought leaders. Our worldwide client base now comprises over 2,000 international organisations, including leading multinational companies and financial institutions; key government bodies and trade associations; and top universities, consultancies, and think tanks.

Disclaimer

ASOS plc published this content on 17 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 January 2022 11:14:08 UTC.