ASOS has revealed a new CEO and chairman while issuing a profit warning.
The listed online fast fashion retailer said chief commercial officer José Antonio Ramos Calamonte will be handed the reins, with Jørgen Lindemann appointed chair.
London-headquartered ASOS said it will be expecting lower profits this year – £20-60 million before tax – after a rise in shoppers returning clothes amid the cost of living crisis.
Total group revenue fell by 4% year-on-year for the three months to 31st May, while updated guidance for the year puts likely revenue growth at 4-7%.
Ramos Calamonte will join the board with immediate effect. He has an 18-year career in retail behind him, having led on commercial strategy for high-profile brands including Inditex, Esprit and Carrefour Spain after starting his career at McKinsey.
He joined ASOS from leading Portuguese fashion company, Salsa Jeans, where he held the position of CEO for almost two years.
At ASOS he has had responsibility for driving product and trading strategy globally, encompassing design, sourcing, garment technology, buying and merchandising, global trading, ASOS Studios and creative.
He has overseen product, category and range strategy, pricing and margin, own-label product innovation and brand partnerships, leading a team of more than 1,000 people.
Lindemann, who joined the ASOS board as a non-executive director in November 2021, will become chair, succeeding Ian Dyson, with effect from 1st August. Dyson has been on the ASOS board since October 2013.
He is currently the chair of Miinto, a Danish-based online fashion marketplace, and a board member of Bambuser AB.
He recently stood down from the board of Zalando following five-years as a non-executive director.
“José is the right person to lead ASOS through the next phase of growth and the board is delighted that he is becoming CEO at such an important time,” said Dyson.
“Since he joined the business, José has made an enormous contribution, driving change through our commercial function and bringing new energy and enthusiasm to the core product and trading functions of the business. José was a core part of the executive team that developed ASOS’s strategy, outlined last year, against which we are making continued progress, in spite of the backdrop of difficult market conditions.
“I will step down from the ASOS board after nine years, confident that we have in place the right leadership to deliver against the long-term strategy to significantly increase sales and profitability by leveraging ASOS’s strong, scalable global platform and its best-in-class customer experience.”