Asos Shares Fall After Disappointing Sales; Topshop, Topman Set for UK High Street Return
Shares in Asos have taken a tumble following disappointing sales figures. Gross merchandise volume and group turnover both missed expectations, casting a shadow over the online retailer's recent performance.
The setback comes just over a year after Asos sold its fashion brands, including Topshop and Topman, to a joint venture with Danish retail tycoon Anders Holch Povlsen's Heartland. The deal, struck in September 2024, saw Asos offload the brands for an undisclosed sum.
The joint venture, which is 75% owned by Povlsen's Bestseller and 25% by Asos, has not had an easy start. It reported a pre-tax loss of £259,029 for the period ending 31 July 2025. This loss was revealed as the brands prepare for a return to UK high streets in 2026, with Topshop set to occupy 32 John Lewis stores and Topman six.
Despite the challenges faced by the joint venture, Asos itself has seen profit margins improve by 350 basis points, a bright spot in an otherwise tough consumer environment.
Asos' shares have fallen following disappointing sales, but the company's profit margins have shown resilience. Meanwhile, the future of Topshop and Topman on the high street looks promising, with a return to UK stores planned for early 2026.
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