ASOS.com Makes Market Share History
ASOS.com the 17-year-old online, fashion retailer has been snapping at the financial heels of M&S for several months but last Friday (17th November 2017) it was official – ASOS shares gained 2% making the business more valuable than the 133-year-old established retailer.
According to Reuters data ASOS.com now has a market value of £4.89bn while M&S is now worth £4.88bn. Described as a “Tesla moment” the figures reveal a shift in retail power and consumer shopping habits. ASOS.com has seen continual growth over the years, keen to innovate and bring in new practices while M&S has stagnated and struggled particularly with its clothing lines.
CEO of FashionCapital & Fashion Enter, Jenny Holloway supplies ASOS.com via her North London factory, she comments:
“With ASOS.com now reporting higher sales than M&S this really reflects the might of the SME in the supply chain. We are loyal supporters of ASOS.com who in turn push for ethical compliance at all levels. Our nimble supply base of 3-4 week turnaround reflects how manufacturing can be the backbone of retail today.”
Confidence in the UK’s SME sector is at an eight-year high according to the Royal Bank of Scotland. Sebastian Burnside, senior economist at Royal Bank of Scotland told The Yorkshire Post that the SME sector registered its strongest performance levels in eight years: “There is a quiet confidence about the level of demand that people are seeing and whilst there are challenges going on and a bit more uncertainty than we are used to, people are getting on with it,” he said.