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LONDON – Fast fashion brand Asos has announced its chief executive Nick Beighton is to stand down after six years in the role. The business made the announcement while warning that rising costs are set to hit its profits amid ongoing turmoil in global fashion supply chains. Asos has warned that rising logistics and other costs could cut profits by 40 per cent next year.

Asos shares are down almost 50 per cent in the past six months amid uncertainty in global supply chains where brands are struggling to ship goods from key sourcing hubs such as Vietnam and China.

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