ASOS Warns on Profit, CEO Beighton Steps Down

ASOS has parted company with Chief Executive Nick Beighton, as it warned that higher logistics costs and supply chain disruption could force 2022 profits to drop by more than 40%. (Reuters)
ASOS has parted company with Chief Executive Nick Beighton, as it warned that higher logistics costs and supply chain disruption could force 2022 profits to drop by more than 40%. (Reuters)
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ASOS Warns on Profit, CEO Beighton Steps Down

ASOS has parted company with Chief Executive Nick Beighton, as it warned that higher logistics costs and supply chain disruption could force 2022 profits to drop by more than 40%. (Reuters)
ASOS has parted company with Chief Executive Nick Beighton, as it warned that higher logistics costs and supply chain disruption could force 2022 profits to drop by more than 40%. (Reuters)

ASOS, the British online fashion retailer, has parted company with Chief Executive Nick Beighton, as it warned that higher logistics costs and supply chain disruption could force 2022 profits to drop by more than 40%.

The company said Beighton, who has been with ASOS for 12 years, including six as CEO, would step down with immediate effect, adding that it wanted new leadership to accelerate international growth.

The group's shares have fallen 42% this year.

It said a search had started for a successor. In the interim, finance chief Mat Dunn has taken on the additional role of chief operating officer and will lead the business on a day-to-day basis, while Katy Mecklenburgh, currently director of group finance, will become interim chief financial officer.

Beighton will remain available to the board until the end of 2021 to help with the handover.

ASOS also said that Ian Dyson, ASOS's senior independent non-executive director, will become chairman on Nov. 29, succeeding Adam Crozier, who is becoming chairman of BT.

Crozier said the management and board had spent time developing a new strategic plan to accelerate international growth.

"Key to that is ensuring that we have the right leadership in place for the next phase," he said.

The company reported a 36% rise in adjusted pre-tax profit to 193.6 million pounds ($265 million) for the year to end August after seeing "exceptional" demand in its home market.

Analysts at Jefferies said the mid-point of the new adjusted profit guidance for 2022, of 110 million to 140 million pounds, was 35% below the current consensus of 193 million pounds.

"Although many of the headwinds are understandable and, hopefully, transitory, we suspect investors will struggle to put much credibility on the mid-term targets," they said.



At Hermes, Woven Leather and Quiet Confidence Set the Tone for Paris Menswear

 A model wears a creation as part of the men's Hermes Spring-Summer 2026 collection, that was presented in Paris Saturday, June 28, 2025. (AP)
A model wears a creation as part of the men's Hermes Spring-Summer 2026 collection, that was presented in Paris Saturday, June 28, 2025. (AP)
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At Hermes, Woven Leather and Quiet Confidence Set the Tone for Paris Menswear

 A model wears a creation as part of the men's Hermes Spring-Summer 2026 collection, that was presented in Paris Saturday, June 28, 2025. (AP)
A model wears a creation as part of the men's Hermes Spring-Summer 2026 collection, that was presented in Paris Saturday, June 28, 2025. (AP)

While much of Paris Fashion Week chased spectacle, Hermes chose a different path.

On Saturday, artistic director Véronique Nichanian unveiled a Summer 2026 men’s collection that spoke in a language of quiet strength, deep craft and calm luxury.

Models walked beneath soaring mirrors in sharply cut jackets, high-waisted woven leather trousers, and sleeveless tops — pieces that fused house tradition with a modern, easy sensuality.

Nichanian’s colors were cool and exact: coffee, slate, taupe and beige, each one a lesson in subtlety. There was no shouting here, only precision.

What made the collection powerful was its restraint. Where others go wide, Hermes goes narrow, offering tailored silhouettes and a sense of order when the rest of fashion is busy making noise. Fine leather, featherlight silks, and bandanas with a whisper of fringe reminded the crowd that true luxury is about touch, not flash.

Nichanian’s playful touches — zigzag motifs, the wink of an unbuttoned shirt, a glint of silver hardware — kept things human, not stiff. It was a masterclass in how to make classic codes feel new, even radical, simply by refusing to chase trends.

In a season marked by designer shake-ups and economic jitters, Hermes stood alone: confident, focused, and unwilling to compromise. As Nichanian took her bow to cheers, she sent a clear message — at Hermes, luxury is about the pleasure of the wearer, not the applause of the crowd.