Internet fashion retailer Asos has poached Amazon Europe's finance boss in the latest of a series of executive hires as it plans for major expansion, according to Retail Week's website.
Shaun McCabe, who has been Amazon Europe's vice president for finance since late 2007, will join amid speculation that Amazon is preparing the way for entry into the FTSE 100. That would give it potential access to huge funds to aid its global growth plans.
Asos shares currently trade on the London Stock Market's Aim list which is normally the preserve of small, fast-growing firms. But our sources have said Asos has watched less focused rivals beyond the UK getting access to funds and it has realised it needs to elevate itself to the FTSE 100 to improve its status.
If Asos was on London's main list it would most likely be automatically promoted to the FTSE 100 in the next review given its current valuation of more than £4 billion.
McCabe's arrival will coincide with the departure of Jon Kamaluddin, Asos finance director since 2004 and international director since 2009, who announced his intention to leave in April. It is understood that McCabe may take on Kamaluddin's other responsibilities, according to Retail Week.
Last month Asos appointed former Marks & Spencer group finance director Ian Dyson as a non-executive director. It has since appointed Simon Platts as sourcing director from JD Sports Fashion's outdoor business. Former Amazon UK managing director Brian McBride, who drafted in McCabe to the US retailer, was appointed Asos chairman last year.
Asos, which now sells two-thirds of its goods outside the UK, is preparing to launch a Chinese site that would pit the firm against the country's giants such as Taobao.com.
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