UK online fashion retailer ASOS believes it can reach its target of GBP2.5 billion (USD4 billion) in annual sales by 2020, with price cuts helping to reignite growth after three profit warnings this year.
Until this year, ASOS had been the great success story of UK retailing and a darling of the stock market, helped by its appeal to internet-savvy twentysomethings and high-profile fans including singer Rita Ora and US First Lady Michelle Obama. Having floated at 20 pence in 2001, ASOS shares hit a high of GBP71.95 in February.
But they were then clobbered by a slowdown in growth due in part to the strength of sterling, as well as disruption from investments in warehouses, a fire at its Barnsley, northern England, depot in June, and the launch of its business in China.
(Source: CNBC)