ASOS turned to former exec of two of UK fashion's most recent casualties as new CFO

ASOS will turn to a finance boss with experience at Matches and Farfetch as it aims to turn around its struggling fortunes

ASOS, the online clothing retailer, has appointed Dave Murray as its new chief finance officer, drawing from his extensive experience at high-profile British fashion firms Matches and Farfetch, both of which faced financial challenges this year. Murray brings over two decades of finance expertise to his new role, including positions at Farfetch and Matches Fashion. At Farfetch, he served as vice president and senior vice president for finance from 2019 to 2022, overseeing significant share price fluctuations. Subsequently, he joined MatchesFashion as CFO for 18 months, navigating the company's acquisition by Frasers and eventual administration. ASOS CEO José Antonio Ramos Calamonte expressed his pleasure in welcoming Murray to the management team, highlighting his broad experience in the retail sector. The appointment comes as ASOS reported substantial losses amid efforts to manage excess stock, though signs of recovery boosted market confidence.

Looking ahead, ASOS anticipates a turnaround, expecting to achieve positive cash flow for the year and resume sales growth over the summer. Ramos Calamonte emphasized ASOS' commitment to becoming a more agile and profitable business, aiming for sustainable growth in FY25 and beyond. The company's shares rose by up to 10% to 369p following the announcement, indicating optimism among investors. However, challenges remain, including the need to balance discounting strategies with long-term profitability and overcome excess inventory issues that have plagued the business.