ASOS Menswear Product and Brands Directors exit the company

Two ASOS directors have stepped down from the executive committee amid financial pressure and ongoing turnaround efforts.

After 17 years at the company, Menswear Product Director Stefan Pesticcio will exit the business at the end of the year. Meanwhile, Brands Director James Barron will step down at the end of this month, according to Retail Week.

As the fashion retailer reshuffles, it has not yet appointed successors but it’s looking internally. However, Tim Phipps, Sportswear and Outdoors Director, will manage the global brands in the interim.

A spokesperson for ASOS commented: "This is part of a wider change to our product teams which we’re incredibly excited about.

"Refreshing our leadership team and culture was a core part of the strategy José [Antonio Ramos Calamonte] set out last year and we’ve made these changes to align our organisational structure to our strategic priorities and to support our obsession with speed and execution of our Driving Change agenda."

Amidst the reshuffle, ASOS hired Alejandra Mur as the Director of Topshop, Topman and Venture Brands. She joined from her previous role as CEO of Mango’s sustainable fashion brand Alter. What's more, Elena Martínez Ortiz, was promoted from Womenswear Director to Senior Product Director.

This turnaround strategy comes after a difficult two years for the retail group, which has seen its shares tumble by almost 90% after being bitten by weaker consumer demand due to the cost-of-living squeeze and a jump in its supply chain costs.

In June, its shares dropped to their lowest for almost 14 years after it tapped its shareholders for £80 million and said it would borrow a further £275 million in order to bolster its finances.