As part of its planned, phased development programme, ASOS will initially invest approximately $40 million in fit-out, establishing a 10 million-unit capacity facility with the opportunity to expand further at the appropriate time.
The agreement marks a significant progression in the company's targeted geographic growth strategy, said the company in a press release.
"This agreement is a major step forward for ASOS in the US and demonstrates the opportunity we believe lies ahead in this key market. Our US business delivered 39 per cent constant currency growth in the first six months of the current financial year following sales of £179 million in the year ended August 2016. Our US FC will enable us to significantly develop our proposition for our 20-something US customers supporting our continued growth and future ambitions," said Nick Beighton, CEO, ASOS.
ASOS is a global fashion destination for 20-somethings. It sells cutting-edge fashion and offers a wide variety of fashion-related content. The company sells over 85,000 branded and own-label products through localised mobile and web experiences, delivering from its FCs in the UK, US and Europe to almost every country in the world. (KD)
ALCHEMPro News Desk – India
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
