THE richest man in Scotland has seen his wealth increase still further as his firm recorded a rise in profits of more than 250% through the Covid lockdown.
Anders Holch Povlsen, a billionaire who owns a 26.4% stake in online clothing retailer Asos, has a net worth of around £4.7 billion, according to 2020’s Sunday Times rich list.
Asos, which took over the Topshop, Topman, Miss Selfridge and HIIT brands following the collapse of Sir Philip Green's Arcadia empire, saw a 24% increase in revenue during the six months to February 28.
This meant the firm’s revenues hit £1.98bn over those six months, as other fashion stores with a high street presence were forced to close their shops during lockdown.
Asos said the pandemic drove a 1.5 million rise in its active customer base over the six months, almost hitting 25 million.
Povlsen’s company also reported a 253% rise in pre-tax profits, up to £112.9 million. This is compared to £30.1m in the same period 12 months earlier.
READ MORE: BBC and ITV viewing figures plummet during blanket Prince Philip coverage
The jump in profits came after the company was forced to “rip up the playbook” by the pandemic, as its core customer base normally used it to buy clothes for going out.
Instead, Asos chief executive Nick Beighton oversaw a swift “pivot” to meet customer demand, instead focusing on casualwear, active wear, and beauty products.
Beighton said Asos was expecting a "shift back to occasion wear" as lockdown restrictions eased. This would begin with daywear, then evening wear, he said.
Its £295m acquisition of the former Arcadia brands did not include a takeover of the chain’s 70 high street locations.
Povlsen owns more than 200,000 acres of land across Scotland, including Glenfeshie in the Cairngorms, the Strathmore estate at Altnaharra, the 24,000-acre Ben Loyal and the 23,000-acre Ben Hope estate near Tongue.
Late in 2018 the Danish clothing billionaire became Scotland’s largest private landowner after buying a 1100-acre estate near Aviemore. He now owns as much as 220,000 acres across the Highlands, where he champions rewilding.
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel