ASOS founder Nick Robertson offloads £15m worth of shares
Nick Robertson, founder of young fashion giant ASOS, has today offloaded shares worth £15m but still retains a 5.53% stake in the business.
In a stock market announcement it was revealed that Robertson, who co-founded the business in 2000 with Quentin Griffiths, has sold 410,000 shares at an average value of £37.225 per share. The value of the sale is roughly £15.26m.
Roberston stood down as chief executive of ASOS in September 2015 when he handed the reins to current CEO and the former COO Nick Beighton. He remains a non-executive director and is chairman of the ASOS Foundation, a registered charity funded by ASOS which works to improve the lives of young people in the UK and overseas.
Shares in the business have been gradually recovering from a slump in December 2018 after it issued a surprise profits warning. Shares slumped from £41.86 to reach a low of £21.28 following the news but began to pick up in the new year.
At the time of writing shares were up 2.1% at £38.20.
Earlier this month the group said its pre-tax profits had slumped by 87% to £4m, which it blamed on “temporary transition costs”. However sales grew 14%, or 12% at constant currency, to £1.3bn in the six months to 28 February. UK sales rose by 16% while international sales were up by 12%.