The rapid growth of ASOS, an American online fashion retailer, has contributed to the improvement of the UK economy and society. The company announced in its first report on the economic impact that, a remarkable growth.
oxford economics conducted research to commemorate the company’s 21st anniversary. This shows that ASOS’s contribution to the UK in the year 2019 – 2020 was £1.8 billion. Which in itself represents great growth. ASOS has in mind to reach a turnover of 7 billion pounds sterling within three or four yearscausing a greater increase of the company in the United Kingdom and, with it, an increase in the contribution to GDP, going from 2 billion to 3.8 million. The most surprising thing is that jobs will increase by around 25,000.
“Since ASOS began more than two decades ago, we have grown from a technology startup with just a handful of employees to a truly global company, directly employing more than 3,000 people.” it states Mat Dunn, COO of Asos.
Asos has also contributed to leveling and improving other sections
- As for the job, ASOS has recently opened a new fulfillment center in Lichfield, UK. It will see jobs rise to 2,000 in the next three years.
- The company spends more on providers in the UK than in the 40 most deprived English local authority areas. While it spends around 21% in areas assigned to the highest priority group for the Leveling Up Fund.
- Support SMEs from the UK helping to sell their products through their platform. There are currently almost 1,400 sellers using the ASOS Marketplace, processing around 200,000 orders per year.
- You have at your disposal 187 apprentices, that is, 59 apprentices for every 100 employees. This is 40% more than the industry average.
“Our research demonstrates the significant contribution that a large and successful British company like ASOS can make to the economy, especially to the UK labor market and public finances, as the UK recovers from the deepest economic downturn in history. living memory”, declares Pete Collings, Director of Economic Impact Consulting, Oxford Economics.