Asos chief executive Nick Robertson said: 'Although Entertainment Marketing was the original business, it is no longer relevant to the long-term future of the group. The board has decided that this is the appropriate time to close the business and focus all of the management's attention on the significant growth of opportunities with Asos.'
The closure will result in an exceptional non-cash charge of£188,810, relating to the write-off of goodwill, in the year to March 31.
In addition, there will be further costs of about£50,000, associated with the process of closing the business.
Entertainment Marketing (UK) revealed a pre-tax loss of£14,781 on turnover of£601,127 for the year to March 31.