ASOS names key finance exec to team
ASOS is doubling down on its efforts to kickstart its recovery and has reportedly appointed a senior restructuring executive to its finance department, as it continues to talk to its syndicate of lenders in the wake of pressure about its balance sheet.
That's according to Sky News, which said it has appointed Scott Millar to the finance team. He’s believed to be joining as interim director of finance projects with insiders saying he'll be playing a "significant role" in the company's efforts to strengthen its financial position.
A source close to the company denied he would be operating along the lines of a chief restructuring officer (CRO).
The experienced executive has worked at a number of major insolvency practitioners, and was CRO at Interserve, the outsourcing giant that went into administration four years ago.
Like online fashion retail peer Boohoo Group, ASOS has struggled in recent periods, following boom times during the height of the pandemic, when consumers were forced to go online to get their fashion fix.
Since the reopening really gathered pace, those consumers have been returning to physical stores enthusiastically and online retailers have been suffering as a result. They've also suffered from a deluge of returns as consumers buy items that are more likely to be returned(like dresses rather than pandemic favourite loungewear), as well as facing issues linked to higher costs, slower supply chains and cautious customers.
ASOS hasn’t commented on the story.
The company reported its Christmas trading details this earlier this month, and while its sales were down, its share price rose after the report was released as investors saw signs of improvement at the business.
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