Nov, 5, 2023

Most people know what ASOS is. They may not know it's a British brand, but they know of it. I feel like their popularity goes up and down. For example, one year they'll be on top of the world, then almost nothing. They predict that sales in 2024 will be down 5%-15%, which is probably a lot because they're a known worldwide brand. The Chief Executive José Antonio Ramos Calamonte is apparently a year into revamping the company as a whole. There was a slump post-COVID as competition took over, and excess inventory is also dragging sales down. But in 2025, they're expecting some growth again, maybe even to the point where it was like pre-COVID. 

Something worth noting is that Britain has had a wet summer and an unusually warm September. I don't know what that means in terms of European countries, but I can tell that's not normal, so many clothing businesses weren't expecting it. It definitely hit them in terms of seasonal clothing. ASOS, and fellow online retailer BooHoo, didn't expect the lack of sales. While a brand called Next (NXT) had better sales than expected. I've never heard of this brand though, I'll definitely look at them later and see what they're all about. Calamonte eventually said the company would be all set once it got rid of its old stock and previous setup by 2025.