ASOS highlights scale of contribution to UK economy
ASOS has released its first-ever economic impact report which highlights the scale of its contribution to the UK economy.
In addition, ASOS generated UK tax revenues of £825 million from its economic activity in the period. The retailer is aiming to achieve a turnover of £7 billion in the next three to four years and Oxford Economics estimates that its GDP contribution will increase by £2 billion to £3.8 billion as a result. ASOS said up to 25,000 new jobs could be created off the back of this to bring the total number of UK jobs supported by ASOS to around 60,000.
Mat Dunn, chief operating officer of ASOS, said: “Since ASOS began over two decades ago, we’ve grown from a tech start-up with just a handful of employees to become a truly global business, directly employing over 3,000 people. As we’ve grown in size and scale our economic and social impact in the UK has also dramatically changed, which is reflected in this new report from Oxford Economics.
“We’re incredibly proud of the positive impact ASOS has on the UK’s society and economy – this is testament to the skill, dedication, and hard work of the ASOS team. As we continue our journey to reach £7 billiosn of annual revenue, we’re looking forward to seeing how ASOS’ contribution to the UK will further grow.”
In addition to its Barnsley fulfilment centre, ASOS has recently opened a new facility in Lichfield which will create 2,000 jobs over the next three years. The report’s figures also show that ASOS spends over £800 million with UK suppliers, with around 25% of its expenditure spent in 40 most deprived English local authority areas.
Pete Collings, director of economic impact consulting at Oxford Economics, added: “Our research demonstrates the significant contribution that a large and successful British company like ASOS can make to the economy, especially the jobs market and the UK’s public finances, as the UK recovers from the deepest economic recession in living memory. ASOS provides crucial support for the UK economy across its supply chain and in all regions of the economy, including levelling up priority areas.”
