Asos news and archive

Asos reportedly scraps diversity bonuses for directors

E-commerce giant Asos is understood to have shelved diversity targets as part of its directors bonus scheme as pressure to hit financial ambitions mounts amid an ongoing sales slump. It is this mission that the annual executive bonus will now be primarily based around, according to The Telegraph, which initially reported the news, as well as...

Business

Shein reportedly among Topshop bidders

Chinese fashion giant Shein is understood to have formally entered the race to potentially takeover Topshop just one week on from its acquisition of fast fashion rival Missguided. Speculation surrounding Asos’ offloading of Topshop had begun circulating towards the end of October, with a report by Sky News alleging that such a move would...

ManagementFeatured

Asos loss widens, expects sales to decline in FY24

Asos reported an adjusted loss before tax of 70.3 million pounds for the year to September 3, 2023, while reported loss before tax was 296.7 million pounds. Sales for the year declined by 11 percent or 10 percent on a reported basis to 3,538 million pounds, with the decline accelerating to 15 percent or 12 percent on a reported basis in the...

Report

Asos delays full year results by a week

UK’s online fashion retailer Asos will now announce its FY23 results on Wednesday November 1, 2023, one week later than previously announced. “The short delay is to allow its auditor, PwC, to complete its planned testing. PwC has assured the board that the outstanding procedures are limited in nature,” the company said in a statement. The...

Report

Asos: Two senior directors step down

British fashion e-tailer Asos is saying goodbye to two senior directors as it rearranges its product team. Brands director James Barron is leaving the business later this month, while menswear product director Stefan Pesticcio is exiting at the end of the year, Retail Week first reported. Asos confirmed the two departures to FashionUnited. The...

ManagementFeatured

Asos reports Q4 sales drop, but remains upbeat on recovery

British fashion e-tailer Asos, which has been undergoing a turnaround following a spate of losses, saw its sales drop 12 percent on a reported basis in the fourth quarter. Despite that, CEO José Antonio was optimistic of the company’s ongoing recovery, and said the business has become “leaner and more resilient” in the 12 months since launching...

Report

Asos names William Barker as non-exec director

Fast fashion e-tailer Asos has announced the appointment of William Barker as a non-independent non-executive director as it continues to build up its board of directors with seasoned executives. Barker is the founder and chief executive officer, as well as a significant shareholder, of California-based hedge fund manager Camelot Capital...

Business

Asos reportedly mulling closure of Outlet department

British e-tailer Asos is believed to be considering closing the doors of its outlet department as part of its ongoing strategy to improve profitability. Asos Outlet, which was launched back in 2008, houses non-strategic third-party brands through a dedicated online store, offering customers up to 70 percent off on end-of-season products. Its...

Report

Frasers Group ups Asos stake to nearly 20 percent

Fashion and retail giant Frasers Group has once again increased its stake in e-commerce retailer Asos, upping its holding of the company to 20 percent. This comes just weeks after Mike Ashley’s group had made a similarly significant step up for the firm, recently taking its stake from 10.5 percent to 16.8 percent. Frasers has been quietly upping...

Fashion Featured

Labour rights group urges Next and Superdry to pay owed Cambodian Workers

The Labour Behind the Label (LBL) initiative is leading efforts to ensure fashion companies Next and Superdry fulfill their obligation of 500,000 dollars owed to Cambodian garment workers affected by the Wai Full Textiles factory closure during Covid-19. According to LBL, Next, Superdry, and Asos received supplies from Wai Full Textiles. The...

Report

Frasers Group ups stake in Asos to nearly 17 percent

British retail giant Frasers Group has increased its stake in fashion e-tailer Asos to nearly 17 percent. In a filing to The Stock Market on Monday, the group said it has increased its holdings of shares in Asos from 10.5 percent to 16.8 percent. It comes as Asos’ share price continues to drop as the retailer faces falling demand. In its most...

Business

Asos teams up with Rokt to offer consumers post-purchase promotions

Online fashion retailer Asos is partnering with Rokt, the e-commerce technology company using machine learning and AI to make transactions more relevant to shoppers to enhance customer experiences with more targeted post-purchase promotions. The partnership will add to Asos Media Group’s wider retail media programme to add value to Asos...