Asos wants to move to the main stock market of the London Stock Exchange

Asos said it will move to the main stock market of the London Stock Exchange after 20 years on Target, as the online clothing retailer also noted the growth of the market despite the difficulties in finding it.

The party dress retailer said demand had remained “unchanged” in the four months to December 31 due to Covid but sales grew by 5% according to instructions.

Asos, which was listed on the Alternative Investment Market in 2001 and has become one of AIM’s largest companies, said it was planning to move to a larger market by the end of February 2022, as it seeks to attract more investors.

Mat Dunn, chief operating officer, said: “It ‘s time to move to a larger market as we look forward to providing our long-term guidance and aspirations for long-term growth.”

Former CEO Nick Beighton left the company in October, when it issued a profit warning, leaving Dunn to work on a daily basis. The share price of Asos rose by 8 percent on initial sales.

Despite the growth of sales over Christmas, Asos said the overall opportunity was reduced by 400 to 43 percent, as it eliminated slower moving averages, met with rising commodity prices and used airline goods to deal with the crisis.

The Topshop models, which Asos acquired from Arcadia in February 2021, performed well, shipping 200 percent annually.

Dunn said Asos had a “strong” start of the year in line with the direction, although the market was tight.

Asos also announced the appointment of its board member Patrick Kennedy, chairman of the Bank of Ireland and former chief of Paddy Power.

Sherri Malek, an expert at RBC Capital Markets, said the move to a major market was “another good portion of the share price”.