7th Apr 2016 08:52
LONDON (Alliance News) - Online fashion retailer ASOS PLC on Thursday said it has decided to shut down its local operations in China.
ASOS said it will continue to serve its Chinese customer base through its ASOS.com website.
The company said it expects to book a GBP10.0 million one-off cost related to the discontinuation of the local Chinese business, with operating losses of GBP4.0 million in the current financial year to the end of August.
"We'll continue to do business in China. We are simply serving our growing customer base there in a more efficient, less costly manner," said ASOS Chief Executive Nick Beighton.
ASOS will publish its results for the half to the end of February on April 12.
ASOS shares were down 0.5% to 3,330.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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