Asos took hit of up to £94m from cyber attack

Asos took an up-to £94m hit from the cyber attack which targeted customer data last month, overshadowing the fast-fashion firm’s return to profit. The London-listed retailer said its decision to pause some marketing and customer-related activity in the aftermath of the incident resulted in a “short-term disruption to trading, estimated at between two and four per cent of the group’s gross merchandise value (GMV). The retailer’s GMV fell by five per cent to £2.35bn in the year to the end of August, valuing the impact of the cyber incident at between £47m and £94m. Chief executive José Antonio Ramos has been leading turnaround efforts to reduce the retailer’s stock, simplify its supply chain and boost its margins. Investors have been buoyed by the group’s use of artificial intelligence to get ahead of fashion trends, harking back to its original purpose as a destination for clothing inspired by celebrity looks. Asos swung back into the black in the year to the end of Augu