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 British musician will collaborate with the Swiss brand on a collection of training apparel, and will serve as the face of their first collection to be released in August.
Designer brands including Gucci and Anya Hindmarch have been left millions of pounds out of pocket and some customers will not get refunds after the online fashion site collapsed owing more than £210m last month.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.