Online fashion giant Asos has pledged to create 2,000 new jobs via a £90m new warehouse in Staffordshire, the company announced this morning.
The new 437,000 square ft site in Lichfield “will serve Asos’ growing number of customers in the UK and around the world”, the retailer said in a statement.
Asos has seen sales soar during the pandemic, with full-year profits almost quadrupling following a spike in online shopping.
The EW and Allianz Real Estate joint venture warehouse at Fradley Park is set to open within 12 months and will be fully operational by 2023.
Asos chief executive officer Nick Beighton said: “This significant investment in infrastructure and large-scale job creation is a reflection of the confidence Asos has in its future and the quality of the skills and talent available in this well-placed location.”
Business secretary Alok Sharma said the firm was a “great British success story” with a “skilled workforce”.
“This job-creating investment in Lichfield is exactly the type of long-term commitment we need from businesses as we build back better from the pandemic,” he added.
The fashion e-commerce giant last year reported profit before tax of £142.1m for the 12 months to 31 August, up 329 per cent from £33.1m the year before.
Shares in Asos have doubled over the past year, leaving it with a market capitalisation of £5.1bn at the end of trading yesterday – more than double that of Marks & Spencer, the UK’s largest clothing retailer by sales.
It comes as demand for online shopping has soared during the coronavirus pandemic amid the forced closure of non-essential stores under tough lockdown restrictions.
E-commerce giants continue to eclipse traditional retailers during the crisis, with high street stalwarts Debenhams, Topshop and Jaeger all collapsing over the past few months.