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Asos Q3 sales increase 21 percent

For the four months to June 30, 2021, Asos reported total group revenue of 1,286.4 million pounds, up 21 percent. Sales in the UK increased 60 percent to 526.4 million pounds. The company said trading in the last three weeks of the period was more muted, as continued Covid uncertainty and inclement weather, particularly in the UK, impacted...

Jul 15, 2021

Management

Nordstrom buys stake in four Asos brands including Topman, Topshop

Asos has formed a joint-venture with US-based multi-channel retailer, Nordstrom, which will invest for a minority interest in the Topshop, Topman, Miss Selfridge and HIIT brands. The company said in a release that this joint-venture will help drive the growth of these brands and paves the way for exploration of a new wider strategic partnership...

Jul 12, 2021

Fashion

The world's biggest fashion brands remain reliant on plastics

Despite bold pledges to create a more sustainable future, global fashion brands continue to rely on plastics by using synthetic fibres in their collections. According to a report by Changing Markets these fibres are fueling plastic waste and the climate crises due to the fossil fuels needed to make them. Rampant greenwashing 59 percent of claims...

Jul 9, 2021

Business

Asos reports carbon emission reduction

Online fashion retailer Asos has reported a 21 percent year-on-year reduction in operational carbon emissions per order for its 2020 financial year, September 2019 to August 2020. In its annual Carbon Report, Asos reveals a 13 percent reduction in absolute (total) operational carbon emissions over the reporting period, referring to emissions...

Jul 8, 2021

Fashion

UK fast fashion: Half of top brands’ clothes made entirely from virgin plastic

A study looking into the use of plastics in the UK’s fast fashion industry has found that 49 percent of the clothing from four top brands is made entirely using virgin plastics. Boohoo was the biggest culprit with 67 percent of its fashion made entirely from fabrics derived from petrochemicals such as polyester, acrylic, nylon and polyamide....

Jun 11, 2021

Report

Asos reportedly interested in Cult Beauty and Feelunique takeover

Asos is reportedly one of the potential suitors for London-based online retailers Cult Beauty and Feelunique. Beauty has become an important focus for Asos and is an area the company has previously indicated its interest in expanding, Sky News reports. City sources have told Sky that Asos is yet to make a formal bid on either of the businesses...

May 20, 2021

Business

Asos and Fashion-Enter team up with Kornit Digital

Asos and Fashion-Enter Ltd are partnering with Kornit Digital, a worldwide market leader in digital textile printing technology, to explore sustainable on-demand textile production. Online retailer Asos and its supplier Fashion-Enter will implement Kornit Presto to test the adoption of efficient, low-impact direct-to-fabric digital textile...

May 4, 2021

Business

Asos calls for the 2015 Modern Slavery Act to be strengthened

Asos has called for the implementation of mandatory human rights due diligence legislation in the UK to strengthen the 2015 Modern Slavery Act. Such legislation, currently being developed by the European Commission for the EU, would if, introduced in the UK ensure that companies take steps to prevent and mitigate risks and protect vulnerable...

Apr 28, 2021

Fashion

DPD teams up with Asos to collect pre-loved clothing for free

Asos is partnering with DPD on an initiative to allow customers to arrange charity donations to be collected from the doorstep with their Asos order. The circular economy initiative, DPD’s ReLove service will see the delivery company collecting pre-loved clothing and delivering to one of five leading UK charities, free of charge. The service is...

Apr 15, 2021

Management

Asos looks to raise 500 million pounds for global expansion

Asos has announced plans to raise 500 million pounds to drive its global expansion a day after the British fashion giant reported surging profits for the first half of the year. The company said it is offering 500 million pounds of senior unsecured guaranteed convertible bonds due 2026 through its subsidiary Cornwall (Jersey) Limited. Asos said...

Apr 9, 2021

Management

Asos posts surge in H1 profit, sales jump 25 percent

Retail sales at Asos plc grew 25 percent to 1,976 million pounds, while pre-tax profit increased by 253 percent to 106.4 million pounds, with consistently strong performance throughout the period. The company said in a statement that growth was in part driven by exceptional performance in the UK where retail sales grew by 36 percent in P1 and...

Apr 8, 2021

Fashion

Shopping online? Beware of the digital carbon footprint

Fashion’s shift to digital is not as sustainable as we may have been led to believe. The more time we spend online, the greater the need for electricity, which has seen internet usage increase 40 percent worldwide in 2020. A study by Yale university shows a surge in digital activity – from online shopping to following a fitness class to meeting...

Mar 22, 2021