Online fashion retailer, Asos, is already preferred by numerous celebrities including Fearne Cotton and Nichole Scherzinger, but apparently it is also preferred by a large number of shoppers given the fact that it has seen a 37% increase in sales despite the fact that most of Britain has suffered economic problems. The rise was reported after first quarter sales were calculated.
Asos stocks a wide variety of brands in its online store ranging from Warehouse to American Apparel and reported that their UK sales rose more than expected during the second quarter of the financial year to a total of £59m. The company believes that it profited from the fact that many shoppers choose to head online to shop for the holidays instead of heading out to the high street.
Chief executive of Asos, Nick Robertson, explained that it appears that the shift towards the internet is stronger than the negative state of the economy. On Wednesday shares of Asos closed at £33.5 which was a 7.5% increase even though they do display that growth has slowed a bit since December, but given the holiday season is over it would be logical to see growth start to slow down during the winter months.
According to Robertson, the best selling outfits online were those that were monochrome, snakeskin, or metallic. He added that they are very happy that the momentum of sales has continued onwards and that he believes cutting prices had a lot to do with the increase in sales.
He added that many of the brands that Asos sells also choose to cut prices which helped inspire more purchases. Asos plans to up its ante by boosting international sales with a new mobile magazine that will be published in several languages including Italian, Spanish, German, and French.