FASHION trader Asos is aiming to double turnover within three years with the launch of an online discount operation in September.

The e-tailer, which will sell brand names such as Ted Baker, Ralph Lauren, Religion and Diesel at a 75% discount, aims to get a significant slice of the £2.7 billion market currently dominated by TK Maxx.

The venture, Asos Red, which will be a subsidiary of the main Asos site, has already poached two clothing buyers from TK Maxx and is in negotiations with a number of top-name brands.

Asos product and trading director Rob Bready said the decision to enter the sector was based in part on a response to the tough retail climate on the high street.

He said: “Times are tough out there, but there are pockets which are still going extremely well.”

The site is expected to launch with a “couple of hundred” products and build up to 300 brands.

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