Asos shares slump on Robertson exit

CITY analysts fuelled speculation departing asos boss Nick Robertson will sell down his holding in the business he founded following confirmation he is standing aside.

after 15 years growing and running the internet start-up that has become the UK’s largest independent online fashion retailer, Robertson ( pictured) is handing the reins over to chief operating officer Nick Beighton, who will become chief executive with immediate effect.

although the succession planning appeared seamless, some retail commentators questioned the timing.

Robertson sold £20m worth of shares earlier this year to pay a tax bill and his departure has led to speculation that he is planning a further share sell-off. JP Morgan’s retail expert Georgina Johanan said: ‘Further sales cannot be ruled out depending on personal financial circumstances.’ Robertson owns around 8.4pc – which is valued at more than £200m. Shares in asos, which targets 20-something shoppers, fell 84p to 2900p yesterday. They peaked in February last year at more than 7050p a share but more than halved last year after profit warnings and a fire at its warehouse in Barnsley.