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Kate Bostock quits Asos after seven months | |
(about 4 hours later) | |
Kate Bostock has abruptly quit as head of product and trading at online fashion retailer Asos only seven months after she was hired. | Kate Bostock has abruptly quit as head of product and trading at online fashion retailer Asos only seven months after she was hired. |
A short statement, put out late on Tuesday morning, said she had resigned with immediate effect after concluding that the job was not right for her. | A short statement, put out late on Tuesday morning, said she had resigned with immediate effect after concluding that the job was not right for her. |
"The Board will consider whether there is a need to seek a replacement for Kate," Asos said. | "The Board will consider whether there is a need to seek a replacement for Kate," Asos said. |
Previously, she was head of general merchandise at Marks and Spencer. | Previously, she was head of general merchandise at Marks and Spencer. |
"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," Ms Bostock said in the statement. | "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," Ms Bostock said in the statement. |
"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." | "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." |
'Cylinders' | 'Cylinders' |
Chief executive Nick Robertson returned the compliment, saying that they had agreed "Asos is not the right platform for her talent". | Chief executive Nick Robertson returned the compliment, saying that they had agreed "Asos is not the right platform for her talent". |
"In the meantime, we have a very strong team in place and the business continues to fire on all cylinders." | "In the meantime, we have a very strong team in place and the business continues to fire on all cylinders." |
Ms Bostock was considered one of the most powerful women in British retail, having previously worked at Next and Asda's George, before starting at M&S. | Ms Bostock was considered one of the most powerful women in British retail, having previously worked at Next and Asda's George, before starting at M&S. |
Her departure from M&S came after disappointing womenswear sales at the department store, and she reportedly took a cut to her £944,000 pay when she took up work at Asos in October. | Her departure from M&S came after disappointing womenswear sales at the department store, and she reportedly took a cut to her £944,000 pay when she took up work at Asos in October. |
By resigning from Asos, she will forfeit any severance package, as well as her share of a £30m bonus pot that is to be divided up among 24 managers if they hit their sales targets by 2015. | By resigning from Asos, she will forfeit any severance package, as well as her share of a £30m bonus pot that is to be divided up among 24 managers if they hit their sales targets by 2015. |
Her erstwhile employer has been performing strongly, with sales rising 39% in its most recent trading statement, and has recently agreed to provide the popular High Street clothing retailer Primark with an online sales platform. | Her erstwhile employer has been performing strongly, with sales rising 39% in its most recent trading statement, and has recently agreed to provide the popular High Street clothing retailer Primark with an online sales platform. |
Asos, which stands for "as seen on screen", was founded in 2000, and currently has 6.5 million customers. | Asos, which stands for "as seen on screen", was founded in 2000, and currently has 6.5 million customers. |
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