Asos' boss pay packet soars

Online fashion retail Asos' profits have been soaring. Picture / Instagram

Asos boss Nick Beighton has enjoyed a trebling of his pay package as the online fashion retailer's profits have continued to soar.

Beighton, who took the reins from founder Nick Robertson in 2015, has had his total pay jump from £1.2m ($2.29m) last year to £3.1m after scoring almost 100 per per cent of his £2m long term incentive awards.

The Asos boss will be entitled to a maximum £1.8m pay pot next year after the remuneration committee said that it was "disappointing" that only 66 per cent of shareholders approved the company's remuneration report.

Earlier this month Asos reported a doubling in its pre-tax profits to a record £80m while sales grew by 33 per cent to £1.9bn on the back of a rise in mobile shoppers and international expansion.

Beighton has recently focused on winning market share by investing the currency benefits from being an export business into lowering prices and offering customers even faster deliveries

Around two-thirds of Asos sales are now overseas, which has given the retailer a natural currency hedge against the weaker pound.

By comparison Asos' British high street rivals are not only suffering from rising foreign exchange costs, which have made importing goods more expensive, but also from the wider shift away from bricks and mortar stores to clicks online.