The online fashion retailer has announced plans to raise £500M to drive its global expansion following surging profits for the first half of the year.
According to the company, ASOS is offering £500M of senior unsecured guaranteed convertible bonds due 2023 through its subsidiary Cornwall (Jersey) Limited. The net proceeds of the issue of the bonds will provide ‘flexibility to continue to invest behind its global growth strategy’ whilst also helping to refinance the acquisition of Topshop and the other Arcadia brands: Topman, Miss Selfridge and HIIT.
The plans for international growth come following the company’s impressive first-half results which were released yesterday. The brand reported a 253 per cent surge in pre-tax profit to £106.4M for the year to February 28, and revenue grew by 24 per cent to £1.98bn.
Chief Executive Officer, Nick Beighton, commented: “We are delighted with our exceptional first-half performance and proud of the work our teams have put in to achieve this. These record results, which include robust growth in sales, customer numbers and profitability, demonstrate the significant progress we have made against all of our strategic priorities and the strength of our execution capability.”
