Online fashion retailer Asos has denied speculation that product director and executive director Robert Bready is to exit the company after he sold all of his shares in the fashion etailer.
Online fashion retailer Asos has denied speculation that product director and executive director Robert Bready is to exit the company after he sold all of his shares in the fashion etailer.
In an announcement on the stock exchange, Asos said Bready, who has been at Asos for seven years, has sold 143,125 ordinary shares at GBP0.35 (US$0.55) each at an average price of GBP1.818 on Monday (16 July) and a total of £2.6m. Bready now has no shares in the company.
However, a spokesperson for the company said: “There is no statement to confirm the speculation referenced.”
The retailer insisted that Bready was incentivised through other reward plans. Earlier this year, Bready was granted the right to own 788,604 ordinary shares worth £14.7m, which vests in two tranches. The first, worth £7.3m, becomes available at the end of September and the next in a year’s time.
Asos chief executive Nick Robertson is seeking a retail director for the business, someone with “considerable retail pedigree”. It is understood that Bready will report to the new retail boss.
Earlier this month, the online retailer recorded a jump in first-quarter sales driven by strong revenues in the US and Australia, as well as an encouraging performance in the UK.