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Asos pins hopes on cost savings after Christmas sales slide

(Source: Reuters)
Online fashion retailer Asos said US$365 million of cost savings would help drive profits this year after sales fell over its four-month Christmas period, showing the scale of the challenge facing the group’s new CEO. José Antonio Ramos Calamonte, who took over the role in June, wants to prioritise profits over sales growth and win back the company’s 20-something fashion-conscious customers after the group stumbled following the pandemic. Shares in Asos jumped 16 per cent to 682 pen
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