Cyprus Mail

Once-high-flying retailer ASOS falls after FTSE 250 relegation


ASOS (ASOS.L), the British online fashion pioneer valued at more than 7 billion pounds ($8.8 billion) just over two years ago, has been relegated from the FTSE 250 index of mid-sized companies, illustrating the sharp decline in its fortunes.

Its shares fell 3 per cent to a 12-year low of 333 pence in early deals on Thursday, giving it a market value of about 400 million pounds, following the quarterly reshuffle by FTSE Russell. It will move to the FTSE SmallCap index on June 16.

The company, like rival Boohoo (BOOH.L), grew rapidly as 20-somethings around the world snapped up its fast fashion, and demand surged again during the pandemic when high street rivals were closed.

But it has been hit by supply chain issues, high product returns, increased competition and a cost-of-living squeeze. Earlier this month it posted a first-half loss of 87.4 million pounds.

British Land (BLND.L) was the only company relegated from the FTSE 100 index in the June quarterly review, FTSE Russell said. It will be replaced by engineering group IMI (IMI.L).

($1 = 0.7923 pounds)

Related Posts

Cyprus Business Now

Kyriacos Nicolaou

Cisco’s $28 billion Splunk deal may ignite software deal frenzy

Reuters News Service

LiquidChart review: 5 things to know about them before you start trading

CM Guest Columnist

PwC Cyprus was the Gold Sponsor of Reflect Festival 2023

Press Release

Turkey set to bring forward some 2024 bond sales if market favourable

Reuters News Service

Cyprus economy resilient amid challenges, says Finance Minister

Kyriacos Nicolaou