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Kate Bostock quits Asos abruptly Kate Bostock quits Asos after 6 months
(about 9 hours later)
Kate Bostock, the one-time head of fashion at Marks & Spencer, has lasted less than seven months at her new employer Asos, the online fashion business. She was hailed as the businesswoman whose retail knowledge and contacts would take online fashion business Asos to the next stage in its seemingly unstoppable rise.
She joined Asos at the start of the year after months of speculation linking her to the company, which specialises in trendy fashions for younger shoppers. She had resigned from M&S, where she had overseen all departments with the exception of food, a year ago this month. But Kate Bostock, the former head of fashion for Marks & Spencer, where she was once tipped for the top job, has quit Asos after just six months, with the chief executive and co-founder Nick Robertson saying it was a "mistake" to hire her.
She was regarded as major hire for Asos but her tenure has ended abruptly with Asos questioning whether she would be replaced as executive director of product and trading. "It was risk and it didn't pay off," he said. "I could see she wasn't as comfortable as she could have been and contribute in the way she wanted to. Clearly it was a mistake and didn't work."
In a statement to the stock exchange, Nick Robertson, the chief executive and founder of Asos, made no secret of the differences between the two. "Kate and I have agreed that Asos is not the right platform for her talent. Of course we are disappointed that things haven't worked out and Kate leaves with our very best wishes. In the meantime, we have a very strong team in place and the business continues to fire on all cylinders." Asos courted Bostock for nearly a year while she was at Marks & Spencer as head of general merchandise, which covered all fashion and non-food. Within days of her departure last year she announced she was joining Asos as executive director of product and trading.
Bostock, whose role will be fulfilled by other members of the teams, said she did not regret joining the business. However, some suggested she would not be suited to the company because of her career in traditional retailers rather than fast-moving fashion brands like Asos.
"Sadly, I've concluded that Asos isn't the right place for me. I will not regret the experience and I wish Nick and all at Asos continued success," Bostock said. Robertson said: "Culturally we are very different and perhaps that played a part in the decision."
"Asos is a formidable business and I have great respect for the team I have been working with: they are right at the cutting edge of young online fashion," she added. Bostock said: "Sadly, I've concluded that Asos isn't the right place for me. I will not regret the experience and I wish Nick and all at Asos continued success.
She had joined M&S in 2004 but worked at Asda for the George fashion label and also ran childrenswear for Next. "Asos is a formidable business and I have great respect for the team I have been working with: they are right at the cutting edge of young online fashion."
"The board will consider if there a need to seek a replacement for Kate," Asos said. The split is understood to be amicable, with both sides agreeing she will leave immediately without a payoff or compensation.
It is not known if she will be replaced, with the company yet to decide whether her position needs to be filled.
A statement from the business said: "Her role will be fulfilled by the existing, highly successful retailing team. The board will consider whether there is a need to seek a replacement for Kate."
However, a source close to the company, said: "The business has continued to go from strength to strength with very little input from Kate, so the management may decide a replacement is not necessary."
Bostock becomes the third high-profile board departure at Asos during the past year. International director Jon Kamaluddin left in April after nine years in the job, while product director Robert Bready departed in October.
Bready was said to be concerned that Bostock's arrival could undermine his position.
Honor Westnedge, senior retail analyst at Verdict Research, said Bostock's experience did not fit with Asos.
"Despite Kate's really great experience she's come from traditional retailers, so to come to a dynamic business like Asos, she may not be suited," she said.
"They wanted to use her strong knowledge of suppliers and management but they are so fast moving and Kate may not have had the right skills."
When hiring Bostock, who had been with M&S for eight years, Robertson said she would take Asos to the next level.
At the time, he said: "We are fortunate to have Kate bring us her wealth of experience from some of the biggest names in retailing as we strengthen our retail disciplines and put in place the structures needed to manage the next phase of our growth."
Bostock, who has also worked for Next and George at Asda, said at the time: "Asos is a phenomenon and I'm in awe of the story. With its unique mix of own label and fashion-forward brands delivered online and increasingly through mobile, the potential for Asos globally is huge. I'm very excited to be joining at such a time of immense opportunity."
Asos has outperformed the market, tapping into the fast-fashion favoured by 20-something shoppers. Last month it reported sales soared 45% to £194m in the three months to end of May, at a time when bricks-and-mortar retailers have struggled.
An international expansion is also under way, with a Chinese-language website due to launch in October, and a Russian website already up and running.
Shares closed down 1% at £44.31. However, the shares have outperformed the market, rising 140% in the last 12 months.