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ASOS posts drop in sales as it works to become "faster, more agile and more profitable"

April 17, 2024 by Angela Beevers

ASOS has reported that its adjusted first-half revenue declined by 18% to £1.5 billion, although the fashion retailer said it is making good progress on its... View Article View Article

ABOUT ASOS

ASOS posts drop in sales as it works to become “faster, more agile and more profitable”

ASOS is a UK online fashion retailer which was founded in June 2000. It is primarily aimed at young adults and it now has 26.4 million active customers.

ASOS Company Profile

ASOS is a UK online fashion retailer which was founded in June 2000. It is primarily aimed at young adults and it now has 26.4 million active customers. Its website sells clothing and merchandise from more than 850 brands which it ships globally to 196 different countries from fulfilment centres in the UK, US and Europe. In January 2021, it made a quadruple acquisition of Topshop, Topman, Miss Selfridge and HIIT, and also launched a partnership deal with Lush Cosmetics as part of plans to accelerate growth. ASOS makes heavy use of influencers and social media for outreach and growth. Its successful social media and advertising campaigns have led to millions of app downloads globally and helped it to acquire nearly 13 million followers on its Instagram account. ASOS says it is very forward thinking brand and is aiming to be sustainable by reducing emissions, making practices sustainable and using reusable packaging. Some 80% of the energy used for its current operations is renewable and the company is aiming to make this 100% in the near future. ASOS products and services:

Clothing
Shoes
Accessories
Beauty Products
It currently releases hundreds of different new products each week.

ASOS are traded on the London Stock Exchange under the abbreviation ASC. There are some notable substantial shareholders, the largest being Danish company Bestseller A/S which holds 26% of the issued shares. T. Rowe Price Group holds an additional 12.23%. There is a collection of other investment groups and individuals who hold 3% to 6% of issued shares each.