Asos Argues Its Success Is Good For High St

Online fashion store Asos says it is on target to become the world's number one clothes retailer - but not at the UK high street's expense.

In an interview with Sky News to mark the firm's full year results, its chief executive Nick Robertson highlighted the opportunity his company was offering retailers with big store operations.

He argued that rather than Asos' success helping to kill off the high street, many brands including New Look and River Island were choosing to sell under the Asos umbrella to complement their own retail offers.

The company announced plans on Wednesday to step up investment in support of its rapid sales growth, saying it would increase spending on people, technology, logistics and marketing to about £55m in each of the next two years.

It invested £33m in 2012-13.

Asos met forecasts with a 23% rise in full-year pre-tax profit to £54.7m in the 12 months to August 31.

The group, whose celebrity fans include US First Lady Michelle Obama and pop star Rita Ora, now sells over 65,000 branded and own-label products shipped for free to 237 countries.

Asos said last month it was on track to hit its £1bn annual sales target a year ahead of schedule in the 2013-14 financial year as revenues for 2012-13 topped £769m - with UK sales rising more than 30%.

Its shares, which have more than doubled over the past year, now value the company at more than £4bn but fell more than 3% in early trading on Wednesday.

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