The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
LONDON, United Kingdom — British online fashion retailer Asos reported a 68 percent slump in full year profit, hurt by problems in ramping-up warehouses in the United States and Germany.
Asos, which issued its latest profit warning in July, said on Wednesday it made a pretax profit of £33.1 million ($42.2 million) in the year to August 31 — in line with July's guidance of £30-35 million but down from £102 million made in 2017-2018.
The group, whose shares have fallen 49 percent over the last year, said it had made "substantial progress" over the last few months in resolving its operational issues.
"Whilst there remains lots of work to be done to get the business back on track, we are now in a more positive position to start the new financial year," said Chief Executive Nick Beighton.
By James Davey; editor: Muralikumar Anantharaman.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.