Asos has fallen out of fashion since the online shopping boom during the pandemic. Its share price has fallen by more than 87 per cent in the past five years, amid tumbling sales and widening losses.
In the year to September, pre-tax losses widened to £297 million from £31.9 million a year before, while its sales declined by 10 per cent to £3.5 billion amid a drop in post-pandemic demand and increased competition from the likes of Shein, the China-founded fashion group. Its net debt more than doubled from £152.9 million to £319.5 million.
All this represents a stark turnaround in fortunes for the former darling of the London stock market, which over two decades had styled itself as the poster child for fast-fashion retailing.
