Asos CEO José Antonio Ramos Calamonte received a significant 43% pay rise this year.
- The salary increase occurred despite the fashion retailer’s losses expanding to nearly £380 million.
- In the last fiscal year, Calamonte earned £1.17 million, including bonuses, up from £814,858 in 2023.
- The company’s pre-tax losses grew from £296.7 million to £379.3 million due to an 18% drop in sales.
- Despite financial challenges, Asos is optimistic about profit improvements due to strategic changes.
Asos chief executive, José Antonio Ramos Calamonte, experienced a notable 43% increase in his remuneration, raising his total earnings to £1.17 million for the year ending 1 September. This increment came despite the retailer encountering significant financial hurdles, with its annual report revealing a significant expansion in its losses, nearing £380 million. Calamonte’s income comprised an annual salary of £716,436 and bonus payments totalling £376,801, which included an annual bonus of £361,585 and £15,216 from the company’s long-term incentive plan. This plan is set to be superseded by a new value creation plan in the current year.
During this period, Asos experienced a widening of its pre-tax loss from £296.7 million to £379.3 million, compounded by an 18% decline in sales, which fell to £2.9 billion. Despite these financial setbacks, the chief executive has been at the helm of a revision strategy aimed at reversing these trends. Calamonte has expressed optimism about the company’s trajectory, indicating that the retailer is already witnessing early signs of recovery as it adopts its new approach.
The company conveyed confidence in its ability to secure substantial profit enhancements in the initial half of the financial year 2025 despite the current revenue levels. These projections are driven by a strategic shift towards a more profitable sales mix and decisive measures to refine order economics. Asos’s management remains hopeful that these strategic initiatives will result in important profit advancements throughout the fiscal year, regardless of overall revenue fluctuations.
Despite challenging financial results, Asos expects its strategic changes to improve profitability.
