On 17th January 2022, Prominent UK Fashion Brand ASOS releases its first-ever economic impact report, with new analysis highlighting the scale of its contribution to the UK economy and society.
- Economic impact: ASOS’ total economic impact in the UK grew to £1.8bn in 2019-20, providing vital support to UK GDP at the height of the pandemic.
- Job creation: ASOS supported more than 31,000 jobs across the UK in 2019-20. It directly employed over 3,600 employees, with every direct ASOS employee supporting 7.7 jobs elsewhere in the country, including within its own supply chain.
- Contribution to tax revenues: ASOS generated UK tax revenues of £825m from its economic activity in 2019-20, an increase of 2.2% from 2018-19.
The research, conducted by Oxford Economics to mark ASOS’ 21st birthday, shows that ASOS’ contribution to UK GDP was £1.8bn in 2019-20. Plans to reach £7bn turnover in the next three to four years will further boost ASOS’ impact in the UK, with GDP contribution estimated by Oxford Economics to increase by £2bn to £3.8bn. 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.*
Mat Dunn, Chief Operating Officer, 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, which is reflected in this new report from Oxford Economics.
“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.”
In addition to supporting national and international GDP and jobs, ASOS also contributes to levelling up and upskilling across the UK through:
- Employment: ASOS’ Barnsley fulfilment centre is the largest single private employer in the Barnsley metropolitan region. ASOS has recently opened a new fulfilment centre in Lichfield in the UK, which will create 2,000 jobs over the next three years.
- Suppliers: ASOS spends over £800m with UK suppliers, with c.25% of its expenditure spent in 40 most deprived English local authority areas and c.21% in areas allocated to the highest-priority group for the Levelling Up Fund.
- Entrepreneurs: ASOS Marketplace supports UK SMEs by providing a platform to grow their fashion retail businesses. There are close to 1,400 global sellers currently using ASOS Marketplace from 55 countries, processing c.200,000 orders per year.
- Apprentices: ASOS currently employs 187 apprentices, equivalent to 59 apprentices per 1,000 employees, 40% higher than the industry average.
Pete Collings, Director of Economic Impact Consulting, Oxford Economics, said: “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. ASOS provides crucial support for the UK economy across its supply chain and in all regions of the economy, including levelling up priority areas.”