RE: Level28 May 2024 12:12
I don't believe any management team would have made any difference.
If you look at the nearest comparative which is asos, they have had exactly the same explosion through covid followed by a drop off post covid, both companies are now in a position to move forward with growth.
Do management here deserve big bonuses? No they don't, they could have double bonuses when back in profitability and nobody would moan then.
"ASOS has over 23m active customers globally, c.£3.5bn in revenues, and a highly successful collection of own brands operating at scale. We have an enviably strong position from which to build our future. We have churned unprofitable brands, activities, and customers, many of the latter picked up over the pandemic, but we remain c.30% bigger than FY19, with c.4m additional active customers. In FY24 we will accelerate our plans to transition to our new commercial model, prioritising near-term cash generation and the long-term interests of the business over short-term revenue growth and profitability. The benefits of our new model will become clearly visible in our profitability and growth in FY25 and beyond.
While fashion has always been a fiercely competitive industry, I am very clear on what makes ASOS unique and why we have the right to win market share with a profitable and cash generative model. ASOS is structurally set up to win again by putting speed at the heart of its culture and operations. By obsessively focusing on cultivating our strengths, we can offer an exciting proposition to consumers while also generating attractive returns for our shareholders. This stems from five strategic priorities:"
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