ASOS looks to China in pursuit of £1bn sales target

The group is in the final testing phase of its local language Chinese website, which should go live in the next few weeks to tap into one of the fastest growing retail markets in the world.

ASOS will also increase annual spending to support growth over the next two years to around £55m after seeing full-year retail sales surge by 40 per cent and global customer numbers pass seven million.

Underlying profits leapt 23 per cent to £54.7m, while total sales rose to £769.4m – putting it on track to hit its £1bn goal by 2015. Top managers, including chief executive Nick Robertson, will share a lucrative bonus pot of up to £30m if they meet their 2015 sales targets.

The group now makes nearly two-thirds – 63 per cent – of its sales from international markets and delivers branded and own-label products to nearly 240 countries, with eight local language sites in the UK, US, France, Germany, Spain, Italy, Australia and Russia.

It will focus international efforts on its new Chinese offering over the next six months to establish the site, with an initial range of 2,000 items.

Mr Robertson said: “Our £1bn sales target is now firmly in our sights and we have stepped up our investment in people, technology, logistics and marketing to support the significant global potential of the ASOS business.”