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The death of the high street has been much exaggerated according to John Bason, finance director at Primark parent company Associated British Foods (ABF), after the value retailer ended its partnership with Asos this week.
Primark confirmed it was ending its partnership with Asos, in which a select number of items had been sold online since June. At the time, the move was praised by analysts and industry experts as a good deal for both, and was widely seen as Primark's first step towards an online strategy.
But the retailer confirmed it has no plans to launch its own transactional website, meaning in a matter of weeks it will return to a bricks-and-mortar-only approach.
The decision was revealed as ABF increased its profit forecast ahead of full-year results due in November, largely as a result of Primark.
The retailer is expected to record a 21% increase in sales for the 52...