Asos news and archive

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...

BusinessFeatured

Asos launches first rental offer with Hirestreet

Fashion e-commerce giant Asos has launched its first rental offering via a partnership with rental marketplace platform Hirestreet. From today, customers will have access to an edit of over 180 womenswear pieces focused on the occasionwear category, each selected from Asos’ own brands, such as Asos Design, Asos Edition and Asos Luxe. Among the...

Business

Boohoo struggles amid sales decline, but investor confidence persists

Boohoo, the fast fashion retailer, has encountered a challenging start to 2023, with sales experiencing a double-digit decline and adjusted Ebitda being reduced by half. The company reported losses amounting to 90.7 million pounds for the fiscal year ending February 2022, attributing the setback to elevated operating costs and surplus inventory....

Asos posts H1 loss, revenues drop 7 percent

Asos delivered an adjusted pre-tax loss of 87.4 million pounds for the first half period and a reported pre-tax loss of 290.9 million pounds. The company said, revenue for the period declined by 7 percent or 8 percent on a reported basis in the first six months of FY23 and 15 percent in the second quarter, reflecting both deliberate actions on...

BusinessFeatured

Asos posts H1 loss, revenues drop 7 percent

Asos’ pre-tax loss widened to 290.9 million pounds in the first half of the year compared to a loss of 15.8 million pounds a year earlier. The company swung to an adjusted pre-tax loss of 87.4 million pounds compared to a profit of 14.8 million pounds the prior year. That came as revenue fell 8 percent to 1.84 billion pounds in the six months to...

Business

Asos appoints Natasja Laheij and Jose Manuel Martinéz Gutiérrez to the board

Asos plc has further strengthened its board with the appointments of Natasja Laheij and Jose Manuel Martinéz Gutiérrez as independent non-executive directors. The company added that both Laheij and Martinéz Gutiérrez will join the board on April 11, 2023. Laheij will serve as chair of the audit committee and as a member of the remuneration...

People

Asos appoints head of corporate responsibility

Asos has appointed Nicholas Mazzei as head of corporate responsibility. Mazzei joins the British e-tailer from German rival Zalando, where he has served for almost two years as head of corporate citizenship and environmental sustainability. Earlier in his career, Mazzei held corporate responsibility positions at financial advisory group...

Retail

Asos to open three Face + Body pop-ups as it expands category

Online retailer Asos is set to open three pop-ups for its beauty and cosmetics range, Face + Body, to highlight the expansion of the category’s offer. “Experiential” pop-ups will appear in Liverpool, London and Manchester over the next three days, until March 26, each supported by nine Face + Body brands, including L’Oréal Paris Elvive, NYX and...

Business

Credit insurer slashes cover for Asos suppliers amid falling profits

A credit insurance provider has reportedly cut its cover for Asos suppliers as concern over the retailer’s recent falling profits continues to mount. Atradius is understood to have reduced its cover a few weeks ago, Drapers reported, following Asos’ most recent financial statement published in January. The e-commerce company reported an eight...

People

Asos assigns new position of senior customer director to Dan Elton

Dan Elton, former chief customer officer at made.com, has been appointed by online retailer Asos to fill the post of senior customer director, a newly introduced role. Elton took over the initial spot of chief customer officer and reports directly to José Antonio Ramos Calamonte, the company's CEO. He departed the bankrupt furniture company...