British online fashion retailer ASOS has released its first-ever economic impact report, with new analysis highlighting the scale of its contribution to the UK economy and society. Plans to reach £7 billion turnover in the next three to four years will boost ASOS’ impact in the UK, with GDP contribution estimated by Oxford Economics to reach £3.8 billion.

Up to 25,000 new jobs could be created off the back of this additional GDP contribution, bringing the total number of jobs supported by ASOS in the UK to around 60,000.

The research, conducted by Oxford Economics to mark ASOS’ 21^st birthday, shows that ASOS’ contribution to UK GDP was £1.8 billion in 2019-20, the company said in a media release.

British online fashion retailer ASOS has released its first-ever economic impact report, with new analysis highlighting the scale of its contribution to the UK economy and society. Plans to reach £7 billion turnover in the next three to four years will boost ASOS’ impact in the UK, with GDP contribution estimated by Oxford Economics to reach £3.8 billion.

Mat Dunn, chief operating officer, ASOS, said: “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 billion of annual revenue, we’re looking forward to seeing how ASOS’ contribution to the UK will further grow.”

In addition to supporting national and international GDP and jobs, ASOS also contributes to levelling up and upskilling across the UK. ASOS’ Barnsley fulfilment centre is the largest single private employer in the Barnsley metropolitan region. It has recently opened a new fulfilment centre in Lichfield in the UK, which will create 2,000 jobs over the next three years.

ASOS spends over £800 million with UK suppliers, with c.25 per cent of its expenditure spent in 40 most deprived English local authority areas and c.21 per cent in areas allocated to the highest-priority group for the Levelling Up Fund.

ASOS Marketplace supports UK SMEs by providing a platform to grow their fashion retail businesses. There are close to 1,400 global sellers currently using ASOS Marketplace from 55 countries, processing c.200,000 orders per year. Also, the company currently employs 187 apprentices, equivalent to 59 apprentices per 1,000 employees, 40 per cent higher than the industry average.

Pete Collings, director of Economic Impact Consulting, Oxford Economics, said: “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.”

Fibre2Fashion News Desk (KD)