Asos news and archive

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...

Business

Asos names William Baker 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...

Business

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...

Business

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...

Business

Asos launches sample sale website, all products five pounds

In what comes as another attempt to get sales and stock back on track, fast fashion e-tailer Asos unveiled a new e-commerce site dedicated to sample products, where everything is five pounds. The site stocks over 2,000 women’s and menswear pieces from Asos’ own brands, such as Asos Edition and Asos Design. According to the retailer, the five...

Business

Asos swings to profit but revenues drop 14 percent

Asos returned to profitability with EBIT up more than 20 million pounds and EBIT margin up 250 bps. The company said that it is on track to deliver adjusted EBIT guidance of 40 to 60 million pounds in the second half of FY23. Asos said in a statement that the company’s revenue declined 14 percent to 858.9 million pounds reflecting deliberate...

BusinessFeatured

Asos believed to have received takeover offer, Frasers Group ups share

Shares for struggling online retailer Asos were boosted 7 percent after speculation over a rumoured takeover bid ran rampant through the media. According to The Sunday Times, the company was approached with a 1.24 billion dollar takeover bid in December 2022 by Trendyol, a Turkish online competitor backed by Chinese e-commerce giant Alibaba. The...

Business

Asos launches incubator for ethnic minority-owned brands

Online retailer Asos has teamed up with the (Fashion) Minority Report (FMR) to launch an inaugural incubator programme to aid ethnic minority-owned brands within the fashion industry. ‘ScaleUp’ was designed to address and remove the barriers faced by these businesses when it comes to accessing the fashion market and scaling up their operations....

BusinessFeatured

Asos raises 75 million pounds, secures refinancing deal

Online multi-brand marketplace Asos has announced that it has raised approximately 75 million pounds from its shareholders, as it looks to return the business to sustainable profitability and cash generation. The raise comes in support of the company’s ‘Driving Change’ agenda, for which it is aiming to achieve a flexible balance sheet. Asos also...