VIENNA--(BUSINESS WIRE)--Sep 19, 2023--

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We’ve all been there. A friend’s wedding is three days away and you don’t have anything to wear. The last thing you want to do is drag yourself around high-street shops, so it inevitably you turn to ASOS. After all, the company is known for its next day delivery and simple free returns service. Though many of us are reliant on the online fast fashion retailer for last-minute holiday purchases or big seasonal shops, a new report shows that ASOS’s pre-tax losses ballooned to almost £300m in the year to 3 September, compared with £31m the previous year, according to the results published on Wednesday (1 November). Despite its huge popularity, the once undisputed queen of online retailers now faces stiff competition from abroad, challenging economic headwinds, and a maturing clientele potentially seeking a more tailored experience. Leading some to ask, is ASOS in SOS? When ASOS was launched in 2000, the online retailer was considered revolutionary. It was like a supersize department store at your fingertips and became the first online retailer that UK customers could visit and find hundreds of dresses for £30 all in one place. But, in recent years, the company has been cutting its stock as it faces severe profit and revenue losses. In July and August, the retailer said it was hit by wet during the summer months, forcing the retailer to cut its stock by 30 per cent. Some experts now say that the holes within ASOS’s business model are becoming apparent. Rick Smith, Managing Director of business recovery firm Forbes Burton tells The Independent that ASOS’s business model of allowing large numbers of free returns makes the company susceptible to financial losses during challenging economic conditions. “The buying culture within their target demographic sees several items returned for each order placed, which can make for slim profit margins,” Smith explains. “ASOS has enjoyed a stratospheric rise since their inception, but have perhaps reached their ceiling now and need to cut their cloth accordingly, especially given the amount of economic headwinds [such as as the cost of living crisis] in play at the moment.” The buying habits of consumers have also shifted in the 23 years since ASOS launched. Smith says that sifting through hundreds of products has become a painstaking and often unenjoyable task for its customers. “Once large online retailers get to a certain size, it can become laborious for customers to scour their whole catalogue,” Smith explains. “The online fashion landscape is evolving now to a point that customers are looking for a more tailored service from websites.” With the rise of shopping on social media, too, young people are increasingly buying individual items from retailers on Instagram and TikTok or instead shopping directly from the brands that ASOS stocks, such as Pull and Bear, Stüssy and Bershka, which all have their own websites. “ASOS’s busy 20-something [target] market doesn’t necessarily have the time to sift through dozens of item pages,” adds Smith. “So curated collections and recommendations based on user input may be one of the changes they eventually look at.” ASOS, which originally stood for As Seen On Screen, initially started trading with the tagline “Buy what you see on film and TV” as it exclusively sold imitations of clothing worn by celebrities. That business model quickly expanded away from the world of replica products: ASOS now offers 850 affordable to mid-range high-street brands and ships to 196 countries. But the company is also now tackling a debt issue, with net debt including leases now at £648.5m, up from £533m the year before. Analysts predict that the online fashion site may need to raise quick cash soon – potentially through the rumoured sale of its Topshop brand, which ASOS acquired when the Arcadia Group went bust in 2021 and closed Topshop’s bricks and mortar stores. Despite the profit slump and predicted future losses, José Antonio Ramos Calamonte, ASOS’s chief executive, said in the report that the company has made “good progress” in “a very challenging environment” and would continue to invest in its brand and stock more fashionable lines of clothing. The company plans to spend £30m more on marketing and said it was going “back to fashion” with its products “geared around fashion and excitement”. As ASOS faces huge losses, it was reported this week that the Chinese-founded retailer Shein has acquired UK company Missguided, with plans to “reignite” the online retailer that was only bought out of administration by Mike Ashley’s Frasers Group a year and a half ago. Despite calls for boycotts from anti-fashion campaigners, Shein is currently valued at around £53bn, having expanded globally and bought many of its rival brands. In 2022, it was the most-googled fashion brand in the world and made a reported £18.9bn in revenue, suggesting that fast fashion is not falling out of favour with consumers who want to find entire outfits on a budget. 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Fantasy Premier League managers get one free transfer a week to make and with the competition in full flow some players may have saved up for two free switches to their teams while others will be considering a four-point hit or more to maximise their chances of success. With prices and form fluctuating on a daily basis over these opening weeks to the season here are five players who we think are worthwhile considering as the Premier League heads into the new gameweek, judging by upcoming fixtures and individual player form. Mohamed Salah, Liverpool - Midfielder (12.5) Possibly the most consistent midfielder in the Fantasy Premier League though still going under the radar. Liverpool’s Mo Salah has scored points in every gameweek so far with his best return (10) coming in the recent victory over Wolves. He’s sliding under the radar due to the lack of goals scored (for his own ridiculous standards) with just two in five games but it is the assists where Salah is cleaning up. He’s got four already this year and looks to be settling into a new role as a supplier for the rest of the forward line. At £12.5m he’s a pricey option but will almost guarantee points and could be a fine choice of captain if you want to move away from Erling Haaland. Odsonne Edouard, Crystal Palace - Forward (5.5) Speaking of, do you need someone to partner Haaland up top that isn’t too costly? Odsonne Edouard is that man. The Crystal Palace forward is coming up trumps this season thanks to more regular gametime for Eagles. In FPL terms he’s only blanked on two occasions and has four goals in five matches. Palace have only failed to score in one of their games (against Arsenal) and will be targeting Fulham, Manchester United and Nottingham Forest and upcoming fixtures they can win. If they do so Edouard will no doubt play a big role and put a couple in the back of the net. Sven Botman, Newcastle - Defender (4.5) The Newcastle centre-back is a slight risk as you are banking on the Magpies to keep clean sheets in order to profit from his skills. He’s a threat in the air from set pieces but doesn’t score many goals and any he does net should be seen as bonuses. It must be noted that Eddie Howe’s team have been poor in defence, shipping seven goals in five games and keeping just one cleansheet. However, their performance against Bournemouth at the weekend was encouraging and it is likely they will earn repeat shutouts against Sheffield United and Burnley over the next two weeks. A relatively cheap option for a defender, Botman may be worth selecting for short term gain. Pedro Neto, Wolves - Midfielder (5.5) A bargain option in midfield, Neto is a pick you make to try and maximise your differentials. He is in form returning 22 points from matches against Everton, Crystal Palace and Liverpool despite Wolves losing two of those games. A quick winger who loves taking players on, whipping in crosses and pinging shots at goal Neto has the basis covered for the goals and assists required from a midfield choice. Wolves should dominate against Luton next up before a clash with Manchester City should play into Neto’s counter-attacking strengths. Robert Sanchez, Chelsea - Goalkeeper (4.5) Chelsea’s results have been eye-catching for all the wrong reasons this year but their main problems have come in the forward line and, for the most part, they’ve been defensively solid across their five matches with the exception being a 3-1 loss to West Ham. Robert Sanchez is Mauricio Pochettino’s No. 1 pick, is guaranteed gametime and recently earned a 10 point with a cleansheet and three bonus points against Bournemouth. The Blues’ next three fixtures are all favourable with Aston Villa, Fulham and Burnley to come so Sanchez could be a canny choice if you’re looking to replace you goalkeeper. Read More Fantasy Premier League: 30 players you must consider for 2023/24 season James Maddison, Julian Alvarez and 5 players to target for FPL Gameweek 5 James Ward-Prowse, Raheem Sterling and 5 players to buy ahead of FPL Gameweek 4 Football rumours: Joao Palhinha in the sights of Bayern Munich for January swoop Messi favourite for men’s Ballon d’Or with four Lionesses on women’s list Football rumours: Al-Ittihad set to make record £215m bid for Mohamed Salah

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