United Kingdom

Asos shores up finances with £250m share sale 

Sales at online fashion retailer Asos have fallen by up to a quarter in the last three weeks, it said yesterday.

As countries go into lockdown demand for dresses, suits and party shirts dried up.

Comfortable clothes to wear at home, make-up and sportswear are performing well, but not making up for the drop.

Sales at online fashion retailer Asos have fallen by up to a quarter in the last three weeks, it said yesterday

Last night Asos announced steps to raise £200million in equity and loans to shore up its balance sheet, but said it had enough cash for at least 18 months.

The need to preserve cash at Asos, once the gold standard in online sales, is a sign of the hardship across the fashion industry.

Its interim results, with sales in the six months to February 29 up by a fifth to £1.6billon, show a record £30.1million half-year profits. 

Chief executive Nick Beighton said: 'These are the best half-year results in 11 years. The last three weeks we've seen a 20 per cent to 25 per cent sales decline.'

Disruption to supply chains in China is 'minimal', it said, while it continues to 'closely monitor' European factories. 

The firm has been criticised for keeping its warehouses open.

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