26 October 2012 11:19
ASOS has set its sights on launching in China and Russia within a year, as the online fashion group targets two of the biggest retail markets in the world.
The internet retailer currently sells to China and Russia, but will develop local language websites in the next 12 months under plans for total sales to reach £1 billion by 2015.
ASOS announced the move as it reported a 42% leap in underlying profits to £13.2 million for the five months to August 31, having recently changed its year end from March 31st.
It said a 46% rise in international sales was the "key driver" behind its performance in this period, although the UK also saw a 13% jump in sales and gross profits. The group drove a 40% hike in the number of orders placed as it reviewed prices, with the average order value down by 6%.
ASOS, which stands for As Seen On Screen, recently celebrated reaching the five million customer mark and confirmed it had more international customers than those in the UK.
The international arm now accounts for 65% of group sales after growing revenues to £150 million in the five-month period. It said America was its fastest growing market, but it also saw strong performances from countries including Russia and China. The China and Russia website launches come as part of its plan to have five major international markets by 2015.
The group currently has country-specific websites across the UK, US, France, Germany, Spain, Italy and Australia. ASOS said: "We remain committed to establishing ASOS as the number one online fashion destination for twenty-somethings, globally."