Asos faces £15m in Brexit tariff costs following booming sales in pandemic

Asos, the online fashion giant that has seen “exceptional” UK growth, has said it faces Brexit tariff costs of around £15 million following the trade deal that was struck.

The retailer made the estimation as it cemented its status as a lockdown ‘winner’ and revealed sales jumped 23% in the final four months of 2020.

Under the trade deal struck on Christmas Eve, there are no tariffs for goods coming into the UK. But for firms that import products here and then send them to customers in the bloc there are potential tariffs.

Asos’ chief executive Nick Beighton said the company had smartly restructured and invested in its supply chain over the last two years to prepare for Brexit. That includes ensuring all of its EU customers are serviced from a Berlin warehouse.

However, there will still be some goods Asos has to ship out to the Berlin site from the UK, and it forecasts Brexit tariff costs of around £15 million for the year to August.