Asos to launch budget brand as 20-somethings face economic impact of Covid-19 October 14, 2020 Asos is planning to launch a budget brand, the fast fashion retailer announced this morning as it warned that its core 20-something audience were vulnerable to losing their jobs during the coronavirus pandemic. The online retail giant said today that the new brand called “As You” will meet the gap in its portfolio for lower-priced [...]
Asos sounds cautious note on future demand after profit quadruples October 14, 2020 Asos reported a quadrupling in full-year profit following a spike in online shopping during the coronavirus pandemic, but warned on the outlook for consumer spending among its young customer base. The fashion ecommerce giant reported profit before tax of £142.1m for the year to 31 August, up from £33.1m the year before. Read more: Asos [...]
Asos shares jump as profit forecast raised due to online shopping boom August 12, 2020 Shares in fast fashion retailer Asos jumped this morning after it announced that full-year sales and profit are expected to beat forecasts due to an online shopping boom during the UK coronavirus lockdown. Asos said revenue growth is expected to be between 17 per cent and 19 per cent, with profit before tax of around [...]
Fast fashion firms Asos and Missguided call for action on UK worker exploitation July 20, 2020 Fast fashion retailers Asos and Missguided have called for urgent government action over the exploitation at UK clothing factories, after rival e-commerce firm Boohoo was embroiled in a scandal over the treatment of workers in Leicester. In a letter to home secretary Priti Patel, a group of retailers, MPs and investors, including Allianz Global Investors, [...]
Asos shares jump after it raises £247m to beat coronavirus April 8, 2020 Fast fashion retailer Asos’ shares shot up today after raising £247m to strengthen its financial position amid the coronavirus crisis. The online retailer announced the fundraise last night as it warned of a “prolonged downturn” due to the outbreak. It said it has placed 15.8m new shares at a price of 1,560p per share. That [...]
Asos shares soar as retailer orders £200m equity raise April 7, 2020 Shares in Asos rose by a third today after the fashion retailer announced a bumper share sale in a bid to shore up its finances during the coronavirus crisis. Asos unveiled plans for a placing of up to 18.8 per cent of issued share capital to protect against a “prolonged downturn” caused by the pandemic. [...]
Asos chases away blues with record Black Friday performance January 23, 2020 Online retailer Asos beat the January blues with this morning’s trading statement as revenue grew 20 per cent across the group for the final four months of 2019. The fashion firm said that the growth, which was consistent across all of its divisions, was due to record Black Friday sales. Total sales hit £1.1bn, driven [...]
Asos appoints first chief growth officer November 25, 2019 Asos has appointed its first chief growth officer to strengthen its senior management team as it recovers from a drop in profit following a botched international expansion. The online retailer said Robert Birge, who was previously chief marketing officer at travel search site Kayak and media agency IMG, will join the company on 3 December. [...]
Asos doubles down on Black Friday after profit dives 68 per cent October 16, 2019 Asos has vowed to boost its Black Friday discounting this year after a “disappointing” attempt in 2018 weakened the fashion retailer’s bid to attract new customers. The online marketplace offered a 20 per cent discount to consumers on the annual shopping event last year, however today the firm admitted its offer had been “uncompetitive” compared [...]
Asos to appoint Ocado boss to board as it plots leadership shake-up October 1, 2019 Asos is set to announce a raft of new boardroom appointments as it looks to rebuild investor confidence after a series of profit warnings. The online retailer will tomorrow announce several new non-executive directors, including Luke Jensen, the chief executive of Ocado’s tech solutions arm, Sky News reported. Read more: Asos profit warning: Three factors [...]