Asos will lose 15% of profit after leaving the Russian market

Fashion
Read min

13.04.2022

The British online clothing and cosmetics store Asos will lose a huge part of its profits due to the exit from the Russian market. After Asos, along with other brands such as H&M, Nike, Uniqlo, Zara, announced the termination of work in Russia, company managers informed shareholders about the expected losses.

So it is predicted that revenue will decrease by about $ 18 million in just six months, and the growth rate of sales will decrease by 2%. In 2021 alone, Asos earned $138.6 million through work in all countries of presence. The brand has been operating in Russia since 2013, and the Russian market was considered one of the most successful. Thus, due to the suspension of activities in Russia, Asos will lose approximately 15% of its profits.

Asos announced the cessation of work in Russia on March 4, now there are no goods on the company's Russian website and the inscription flaunts that the company cannot process orders from customers from Russia until further notice.

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