After reports of dismal High Street activity last month, ASOS’ struggles spread to online. The firm said cutting prices to match rivals had not shifted more clothes.
In fact, economic uncertainty plus weaker consumer confidence had led to "the weakest growth in online clothing sales in recent years".
U.K. fashion retailers’ shares traded down on Monday morning after ASOS PLC (ASC.LN) warned of difficult November trading and cut its full-year outlook.
ASOS shares tumbled as much as 39% after the profit warning, helping send the shares of its rivals into the red. Boohoo Group PLC (BOO.LN) attempted to reassure investors by saying its trading performance continued to be strong and it booked record sales on Black Friday, but this wasn’t enough to avert a 9.5% decrease in its share price, which fell to 165.70 pence.