Asos news and archive

Asos sells majority stake in Topshop and Topman

Online retailer Asos has sold a majority stake in Topshop and Topman in a new joint venture deal with Heartland, the holding company representing the interests of the Holch Povlsen family and their family business Bestseller. The joint venture will grant Asos “certain design and distribution rights” for the Topshop and Topman brands in return...

Business

Could Asos be scrapping free returns?

An email sent out to Asos customers last week has people wondering if the British e-tailer will be joining its slew of fast fashion peers in scrapping free returns in the UK. Online speculation arose upon the release of an email to the retailer’s “regular” customers, which read that it would be updating its “Fair Use Policy in relation to...

Business

Asos shareholders approve exec pay plan and incentive scheme

Following a general meeting, shareholders of British e-tailer Asos have approved the company’s new executive pay plan, which would apply amendments to its long-term incentive plan. Proposed earlier in August as part of its Remuneration Policy, the newly dubbed ‘Value Creation Plan’ (VCP) intends to make changes to the current dilution limits...

Business

Asos teams up with Microsoft to expand AI capabilities

Online fashion retailer Asos has signed a new three-year partnership deal with technology giant Microsoft to support “operational excellence” through artificial intelligence (AI). Asos said its agreement with Microsoft would drive forward “operational excellence, efficiency, and data-driven decision-making,” and would expand its use of Microsoft...

Business

Asos proposes new Value Creation Plan

British e-tailer Asos has outlined a proposal to amend the long-term incentive section of its Remuneration Policy in order to incorporate a new Value Creation Plan (VCP) which will be discussed in a general meeting set to take place August 20. With this, the company said it intends to make changes to the current dilution limits proposed in its...

People

Chief Technology Officer leaves Asos

Chief Technology Officer Clifford Cohen leaves Asos. Cohen announced his departure on Monday on the career network Linkedin. He will begin his new role at the beginning of August, which will see him move into the field of renewable energies. Cohen was the technical director at the British online retailer for more than nine years. Before taking...

Business

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...

Business

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...

BusinessFeatured

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...