ASOS starts search for new chairman as McBride prepares to stand down

ASOS
Brian McBride

Online fashion giant ASOS is reported to have begun the search for a new chairman as Brian McBride prepares to stand down after nearly six years in the role.

According to Sky News, ASOS is believed to have appointed headhunter Russell Reynolds to conduct the search for what is one of the plum chairmanships in fashion and retail.

Founded 18 years ago by entrepreneur Nick Robertson, ASOS recently reported half-year sales of £1.16bn in the six months to 28 February 2018 and, with a market capitalisation of around £5.45bn, the AIM-listed business now has a valuation higher than that of Marks & Spencer.

McBride has chaired the business since November 2012 and before that was managing director at Amazon.co.uk. He is also chairman of online cycle retailer Wiggle, a non-executive director of online electrical products retailer AO World Plc and he sits on the UK government’s Digital Advisory Board.

During McBride’s time at ASOS the business has experienced rapid growth and appointed a new CEO in the form of Nick Beighton, who had previously been COO. Beighton replaced Nick Robertson, who stepped down in 2015 but who remains a non-executive director and significant shareholder.

ASOS has not commented on the Sky News story.