An update from Asos showed sales growth slowing in the EU and US due to logistics issues. But growth in the UK and RoW, plus an end in sight to its warehousing woes all suggest a bright future for the firm.
The industry is reeling from news that Bestseller owner and major Asos investor Anders Holch Povlsen lost three of his four children in the senseless tragedy that unfolded in Sri Lanka on Easter Sunday.
“Disappointing” was how Asos described its first half as pre-tax profits went into freefall (down 87%). While sales rose 14% for the six months to the end of February, the retail gross margin dropped 60bps.
A fashion data organization, the Open Apparel Registry, aims to crack down on slavery and worker abuse by mapping every clothing and footwear factory in the world, with a free, open-source tool launched on Thursday.
Asos sales continue to rise in double-digit percentages in Q2, but also continued to rise at a slower rate than previously and that meant investor disappointment, with the firm’s shares falling 5% in early trading.