Asos boss enjoys bumper pay deal despite widening losses at online fashion giant

Jose Antonio Ramos Calamonte's wage emergence came successful the aforesaid twelvemonth that the online retailer reported a 16% driblet successful income and deeper losses arsenic it was deed by a £1.1bn banal mountain

The brag of online manner elephantine Asos has seen his wage packet emergence by 44% implicit the past year, contempt the company's losses widening.

The London-listed retailer's latest yearly study revealed that CEO Jose Antonio Ramos Calamonte's net were bolstered by a bonus for the past year. Official figures disclosed that Mr Ramos Calamonte pocketed £1.17m for the twelvemonth ending September 1, marking a 43.9% summation from the erstwhile year's £814,858.

This bump successful wage came owed to £376,000 successful bonuses, including an approximate £361,000 performance-linked bonus. Mr Ramos Calamonte earned this bonus portion spearheading a important turnaround strategy aimed astatine steering Asos backmost to profitability and reversing a downturn successful sales.

Earlier successful the month, Asos reported to its investors that it had sunk further into the red, with pre-tax losses rising to £379.3 cardinal for the twelvemonth to September 1, compared to £296.7m the twelvemonth before. It revealed the challenges of battling to wide a £1.1bn banal upland since 2022, with £520 cardinal inactive outstanding and astir a £100m write-down connected the worth of its remaining stock.

It besides reported that income tumbled 16% to £2.9bn implicit the year, with a heavier autumn than erstwhile forecasts. Despite these setbacks, the CEO expressed optimism, noting the emergence of "green shoots" from the ongoing restructuring efforts.

The latest figures uncover that Dave Murray, who stepped into his relation arsenic main concern serviceman successful April, was paid £259,113 for his services up to September 1. An Asos spokesperson defended the remuneration, stating: "All worker remuneration is approved by the committee and based connected manufacture benchmarks and achieving strategically important objectives.

"Despite challenging marketplace conditions, Asos has made sizeable advancement to alteration the concern implicit the past 12 months."

Highlighting caller achievements, they noted: "Product is successful the strongest presumption it has been successful for years, portion profitability has been fundamentally improved, starring to the transportation of affirmative adjusted EBITDA (earnings earlier interest, tax, depreciation and amortisation) and importantly improved escaped currency flow."