UK-based online retailer Asos aims to triple sales of its Face + Body category over the next three years. The company said that Face + Body is a strategic category and has seen strong demand from consumers throughout the lockdown – a trend it wants to capitalize on.
Over the past two years the company has developed the beauty category and added to the number of brands it offers. This year, the retailer added Charlotte Tilbury and Urban Decay to its line-up. Asos says it will continue to approach beauty in a way that appeals consumers in their twenties.
The news comes as Asos announced a 19% increase in sales to £3.3bn ($4.3bn) for its full year ended August 31. Profit before tax rose 329% to £142.1m ($184m), partly due to cutting costs.
However, despite the strong results, the company expressed a cautious outlook, saying that it continues to foresee headwinds to consumer demand which will not abate until life and financial stability normalizes for young consumers. It added that it is aware of the economic impact the crisis is having on young consumers and the pressure on their disposable incomes.
Asos also expects to see disruption to global product supply in 2021.