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| Kate Bostock quits Asos after six months | |
| (about 4 hours later) | |
| She was hailed as the businesswoman whose retail knowledge and contacts would take online fashion business Asos to the next stage in its seemingly unstoppable rise. | She was hailed as the businesswoman whose retail knowledge and contacts would take online fashion business Asos to the next stage in its seemingly unstoppable rise. |
| But Kate Bostock, the former head of fashion for Marks & Spencer, where she was once tipped for the top job, has quit Asos after just six months, with the chief executive and co-founder Nick Robertson saying it was a "mistake" to hire her. | But Kate Bostock, the former head of fashion for Marks & Spencer, where she was once tipped for the top job, has quit Asos after just six months, with the chief executive and co-founder Nick Robertson saying it was a "mistake" to hire her. |
| "It was risk and it didn't pay off," he said. "I could see she wasn't as comfortable as she could have been and contribute in the way she wanted to. Clearly it was a mistake and didn't work." | "It was risk and it didn't pay off," he said. "I could see she wasn't as comfortable as she could have been and contribute in the way she wanted to. Clearly it was a mistake and didn't work." |
| Asos courted Bostock for nearly a year while she was at Marks & Spencer as head of general merchandise, which covered all fashion and non-food. Within days of her departure last year she announced she was joining Asos as executive director of product and trading. | Asos courted Bostock for nearly a year while she was at Marks & Spencer as head of general merchandise, which covered all fashion and non-food. Within days of her departure last year she announced she was joining Asos as executive director of product and trading. |
| However, some suggested she would not be suited to the company because of her career in traditional retailers rather than fast-moving fashion brands like Asos. | However, some suggested she would not be suited to the company because of her career in traditional retailers rather than fast-moving fashion brands like Asos. |
| Robertson said: "Culturally we are very different and perhaps that played a part in the decision." | Robertson said: "Culturally we are very different and perhaps that played a part in the decision." |
| Bostock said: "Sadly, I've concluded that Asos isn't the right place for me. I will not regret the experience and I wish Nick and all at Asos continued success. | Bostock said: "Sadly, I've concluded that Asos isn't the right place for me. I will not regret the experience and I wish Nick and all at Asos continued success. |
| "Asos is a formidable business and I have great respect for the team I have been working with: they are right at the cutting edge of young online fashion." | "Asos is a formidable business and I have great respect for the team I have been working with: they are right at the cutting edge of young online fashion." |
| The split is understood to be amicable, with both sides agreeing she will leave immediately without a payoff or compensation. | The split is understood to be amicable, with both sides agreeing she will leave immediately without a payoff or compensation. |
| It is not known if she will be replaced, with the company yet to decide whether her position needs to be filled. | It is not known if she will be replaced, with the company yet to decide whether her position needs to be filled. |
| A statement from the business said: "Her role will be fulfilled by the existing, highly successful retailing team. The board will consider whether there is a need to seek a replacement for Kate." | A statement from the business said: "Her role will be fulfilled by the existing, highly successful retailing team. The board will consider whether there is a need to seek a replacement for Kate." |
| However, a source close to the company, said: "The business has continued to go from strength to strength with very little input from Kate, so the management may decide a replacement is not necessary." | However, a source close to the company, said: "The business has continued to go from strength to strength with very little input from Kate, so the management may decide a replacement is not necessary." |
| Bostock becomes the third high-profile board departure at Asos during the past year. International director Jon Kamaluddin left in April after nine years in the job, while product director Robert Bready departed in October. | Bostock becomes the third high-profile board departure at Asos during the past year. International director Jon Kamaluddin left in April after nine years in the job, while product director Robert Bready departed in October. |
| Bready was said to be concerned that Bostock's arrival could undermine his position. | Bready was said to be concerned that Bostock's arrival could undermine his position. |
| Honor Westnedge, senior retail analyst at Verdict Research, said Bostock's experience did not fit with Asos. | Honor Westnedge, senior retail analyst at Verdict Research, said Bostock's experience did not fit with Asos. |
| "Despite Kate's really great experience she's come from traditional retailers, so to come to a dynamic business like Asos, she may not be suited," she said. | "Despite Kate's really great experience she's come from traditional retailers, so to come to a dynamic business like Asos, she may not be suited," she said. |
| "They wanted to use her strong knowledge of suppliers and management but they are so fast moving and Kate may not have had the right skills." | "They wanted to use her strong knowledge of suppliers and management but they are so fast moving and Kate may not have had the right skills." |
| When hiring Bostock, who had been with M&S for eight years, Robertson said she would take Asos to the next level. | When hiring Bostock, who had been with M&S for eight years, Robertson said she would take Asos to the next level. |
| At the time, he said: "We are fortunate to have Kate bring us her wealth of experience from some of the biggest names in retailing as we strengthen our retail disciplines and put in place the structures needed to manage the next phase of our growth." | At the time, he said: "We are fortunate to have Kate bring us her wealth of experience from some of the biggest names in retailing as we strengthen our retail disciplines and put in place the structures needed to manage the next phase of our growth." |
| Bostock, who has also worked for Next and George at Asda, said at the time: "Asos is a phenomenon and I'm in awe of the story. With its unique mix of own label and fashion-forward brands delivered online and increasingly through mobile, the potential for Asos globally is huge. I'm very excited to be joining at such a time of immense opportunity." | Bostock, who has also worked for Next and George at Asda, said at the time: "Asos is a phenomenon and I'm in awe of the story. With its unique mix of own label and fashion-forward brands delivered online and increasingly through mobile, the potential for Asos globally is huge. I'm very excited to be joining at such a time of immense opportunity." |
| Asos has outperformed the market, tapping into the fast-fashion favoured by 20-something shoppers. Last month it reported sales soared 45% to £194m in the three months to end of May, at a time when bricks-and-mortar retailers have struggled. | Asos has outperformed the market, tapping into the fast-fashion favoured by 20-something shoppers. Last month it reported sales soared 45% to £194m in the three months to end of May, at a time when bricks-and-mortar retailers have struggled. |
| An international expansion is also under way, with a Chinese-language website due to launch in October, and a Russian website already up and running. | An international expansion is also under way, with a Chinese-language website due to launch in October, and a Russian website already up and running. |
| Shares closed down 1% at £44.31. However, the shares have outperformed the market, rising 140% in the last 12 months. | Shares closed down 1% at £44.31. However, the shares have outperformed the market, rising 140% in the last 12 months. |