Asos news and archive

Asos claims virtual meetings are ‘detrimental’ to company performance

British e-tailer Asos has reportedly warned its employees about the impact of virtual meetings, stating that they are “detrimental” to the performance of the company. It comes at a time when Asos is believed to be in the process of bringing its teams back to the office more days a week, with possible disciplinary action to be initiated for those...

Business

Asos confirms India entry with Reliance Retail partnership

Following heightened media speculation, British e-tailer Asos has now confirmed that it will be entering the Indian market through a new long-term partnership with the country’s Reliance Retail. With the deal, Reliance Retail will serve as the exclusive retail partner for Asos across all online and offline channels in India. It has been tasked...

Report

Can Asos ramp up revenue after its sales decline?

Asos wants to reverse its sales decline, grappling with an 18 percent drop in revenue amidst intensified competition from brands like Shein, H&M, and Zara. This challenge is compounded by shifting consumer preferences away from exclusive online shopping, marking a stark departure from the gains Asos experienced during the pandemic, the Guardian...

ManagementFeatured

Asos reports H1 loss, names new CFO

For the first half period, Asos reported an adjusted pre-tax loss of 120 million pounds, while total sales declined by 18 percent to 1,505.8 million pounds. Adjusted EBITDA loss widened to 16.3 million pounds compared to the 4.6 million pounds in the period last year. Asos reiterated guidance for FY24 sales decline of 5 to 15 percent, positive...

BusinessFeatured

Asos, Boohoo and Asda promise “landmark changes” following CMA greenwashing probe

The UK’s Competition and Markets Authority (CMA) has reported that fashion e-tailers Asos and Boohoo, along with supermarket clothing brand George at Asda, have signed formal agreements to use “only accurate and clear green claims” moving forward as it cracks down on “greenwashing” in the sector. The move follows the CMA launching a greenwashing...

Business

Asos H1 sales fall 18 percent

Asos sales declined by 18 percent for the 26 weeks to March 3, 2024, which the company said was broadly in-line with the guidance that P4 FY23 trends were expected to continue through H1 FY24. The company’s full-year guidance remains unchanged, including a 5 to 15 percent sales decline, positive adjusted EBITDA, inventory back to pre-Covid...

Business

Asos reportedly mulling India entry through Reliance Retail

Asos is believed to be considering an entry into the Indian market, as discussions between the e-commerce retailer and the region’s Reliance Retail are said to be underway. A source for Indiaretailing reported that the talks had been happening for a while yet an agreement had not yet been reached. According to the media outlet, a deal could...

Business

Asos relaunches influencer programme with employees

British online fashion retailer Asos has reintroduced its 'Asos Insider Influencer Programme', which was discontinued in 2020 due to the pandemic. Now, however, it is once again to become part of Asos' updated marketing strategy. The influencer programme brings together a total of 36 so-called "Asos Insiders" who are currently employed in...

Report

Frasers Group ups stakes in Asos and Boohoo

Mike Ashley’s retail giant Frasers Group has continued its streak of securing larger and larger stakes in struggling rivals, this time upping its holding of both Asos and Boohoo. In the group’s latest regulatory filings, it announced that it had taken its stake in Boohoo from the prior 17.2 percent to 21.4 percent. Meanwhile, for Asos, Frasers...

Report

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...