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ASOS set to boost UK economy by £3.8bn

The retailer revealed 25,000 new jobs could be created off the back of this additional GDP contribution.

Asos’ UK GDP contribution will increase by £2bn to £3.8bn in the next three to four years, with plans to reach £7bn turnover which will reportedly “further boost” the company’s impact in the UK, according to its first Economic Impact report.

According to the research, conducted by Oxford Economics, Asos’ contribution to UK GDP was £1.8bn in 2019-20. The company supported £4.7bn of global GDP within this period and generated close to £1.8bn of tax revenues.

Asos also revealed that up to 25,000 new jobs could be created off the back of this additional GDP contribution, bringing the total number of jobs supported by Asos in the UK to around 60,000.

The Economic Impact report follows the launch of Asos’ Fashion with Integrity 2030 programme in September, which outlined the retailer’s key goals to minimise the business’ impact on the planet.

Mat Dunn, chief operating officer at ASOS, said: “Since Asos began over two decades ago, we’ve grown from a tech start-up with just a handful of employees to become a truly global business, directly employing over 3,000 people. As we’ve grown in size and scale, our economic and social impact in the UK has also dramatically changed.

“We’re incredibly proud of the positive impact Asos has on the UK’s society and economy – this is testament to the skill, dedication, and hard work of the Asos team. As we continue our journey to reach £7bn of annual revenue, we’re looking forward to seeing how Asos’ contribution to the UK will further grow.”

Pete Collings, director of Economic Impact Consulting at Oxford Economics, added: “Our research demonstrates the significant contribution that a large and successful British company like ASOS can make to the economy, especially the jobs market and the UK’s public finances, as the UK recovers from the deepest economic recession in living memory.”

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