Fashion
ASOS edges forward, still loss-making but margins grow, hard work is behind it
Published
November 21, 2025
ASOS full-year results on Friday showed the fashion e-tail giant still with lots of negative numbers although its gross margin has grown and it seems closer to a return to growth if things go right for it.
The results report contained a lot of words in which the company reviewed its strategy overall and highlighted the improvements it has made, but jumping directly to the figures, it remains loss-making.
Looking first at adjusted figures for the 52 weeks to the end of August, gross merchandise value (GMV) was down 12% at £2.456 billion while adjusted group revenue dropped 14% to just under £2.465 billion. But the adjusted gross margin increase to 47.1% from 43.4%.
Adjusted EBITDA was up from £80.1 million to £131.6 million but this was below analysts’ expectations. However adjusted EBIT narrowed almost 50% at a loss of £32.2 million. The adjusted loss before tax improved almost 28% to £98.2 million.
Moving on to the statutory numbers, group revenue fell 15% to a little under £2.478 billion while the statutory gross margin at 47.1% was up from 40% the year before. The operating loss narrowed from almost £332 million a year ago to a loss of just over £212 million this time and the loss before tax also showed a strong improvement going from last year’s £379 million to a loss of just over £281 million this time.
The company said that for the current financial year (FY26), enabled by the strategic and financial progress made throughout its turnaround, it expects GMV to show an improving trajectory throughout the 12 months with the performance 3-4ppts ahead of revenue performance.
This will be driven by continued growth of flexible fulfilment models and reflecting its mix shift it has moved to GMV as the primary indicator of its top-line performance.
It will see further gross margin improvement reaching between 48% and 50% and further adjusted EBITDA growth to between £150 million and £180 million.
The company has been intensively restructuring its operations with an aim to deliver trends faster. Its Test & React model has successfully scaled to more than 20% of own-brands sales. And its partner brand product portfolio has been transformed. It has also put a number of operational efficiencies in place and strengthened its balance sheet significantly. It also referenced the successful relaunch of the Topshop brands, key leadership appointments during the year and important collabs such as the one with Adidas.
ASOS said its priority for FY26 is to deepen its relationships with customers and to make it not just a place to shop but a destination for inspiration and style. It’s leaning into what makes it distinctive, which it says is its unique assortment of the best own-brand and partner brand products, fuelled by speed and flexibility, styling that helps customers create outfits they love, and increasingly personalised experiences. It believes the most difficult work is now behind it.
FY25 deep dive
So looking back at the results for the past year, the GMV decline of 12% was quite significant, but it reflected actions taken to improve order profitability against a soft consumer backdrop. The top line performance was lower than expected but it said the quality of sales improved and the full-price mix increased with own-brand also gaining share within the mix. Its flexible fulfilment models gained significant traction and this broadened its product range without adding inventory risk, also ensuring that GMV growth outpaced revenue growth.
Its performance by individual markets saw the UK with GMV falling 7% while total revenue was down 9%. The number of visits and the number of orders both fell 12% and conversion was flat. But average basket value (ABV) was up 6%.

The company said the UK performance was more resilient than other regions during the year and while active customers declined by 8%, customer retention is improving.
In Europe, GMV declined 16% with total revenue down 19%, or 17% like for like (LFL). Visits dropped 17% and orders dropped 20% with conversion down 10bps. But ABV was up 3%, or 5% LFL. The company said this was partly due to its actions taken to limit unprofitable orders and also due to macroeconomic pressures.
In the US, GMV fell 18% with total revenue down 25%, or 22% LFL. Visits were down 17% while orders dropped 24% and conversion was down 20 bps. But as with other regions ABV rose, in this case by 4%, or 8% LFL.
Again, in this market the full-price mix improved and the rate of decline narrowed from 31% in H1 to 21% in H2.
In the rest of the world, GMV was down 15% with total revenue falling 16%, or 14% LFL. Visits dropped 14%, orders dropped 17% and conversion fell 10bps. But ABV rose 1% or 3% LFL.
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Fashion
Burberry unveils High Summer 2026 lido-inspired campaign
British actors Simone Ashley and Tom Blyth star alongside models Alva Claire, Babacar N’Doye and Sacha Quenby and a cast of synchronised swimmers and divers.
Burberry’s High Summer 2026 campaign captures Britain’s nostalgic lido culture through a sunlit film featuring Simone Ashley and Tom Blyth.
Blending heritage check with pastel tones, the collection spans swimwear, relaxed tailoring, raffia bags and lightweight layers, evoking effortless, poolside summer style.
Directed by Francis Plummer, the campaign reflects a warm, communal British summer mood.
The campaign film is directed by Francis Plummer and shot by photographer Ryan McGinley. The cameras move from loungers to diving boards, catching mid-air dives and friends stretched out in the hazy afternoon light. Before long, the best spots by the pool are claimed with a Burberry towel. Summer has begun. The film is underscored by the TONE remix of ‘Beating’ by Tirzah.
‘A lido holds a particular kind of nostalgia for the British. The moment the sun comes out, we make the most of the weather. We wanted to bring to life a warm summer’s day spent in and around the water’s edge with friends.’ said Daniel Lee Chief Creative Officer, Burberry.
Key styles
The High Summer 2026 collection features the Burberry Check in heritage-inspired sand beige and pastel shades of aubergine purple and cornflower blue.
The iconic Burberry Check bikini is the beach essential, alongside matching swimsuits and men’s swim shorts trimmed with check.
Poolside separates include tops, skirts and shirts cut from cotton voile, plus cover-up dresses woven with a tonal Burberry Check and deckchair-inspired stripes. Ruffled trims and ties at the neckline capture the floaty, effortless feel of the collection. Festival
tank tops in ribbed cotton jersey are trimmed with check straps, while looks are wrapped in lightweight wool silk scarves.
For men, collared shirts and shorts are tailored to relaxed lines and finished with fresh interpretations of the Burberry Check, from textural weaves to intricate embroidered designs. The co-ord set is crafted from lightweight cotton poplin printed with a playful seahorse pattern in honeysuckle pink.
The classic cotton piqué polo shirt comes in a spectrum of vivid and neutral colours. Burberry Check is subtly placed at the placket and trims the collar of T-shirts in soft cotton jersey.
Lightweight hooded jackets are ideal for cooler evenings and unexpected showers, the new-season designs woven in aubergine purple and cornflower blue check.
In shoes, the new Knight Runner sneakers offer a streamlined, low-profile shape for summer. Sandals are elevated in the form of the whipstitched leather Baez and check-trimmed suede Urchin styles, while Burberry Check slides and Pavilion sandals are made for the beach.
Lightweight Margate bags are handcrafted in Madagascar from locally sourced raffia palm leaves, dyed in signature sand beige Burberry Check. Accessories include crocheted bucket hats and wraparound sunglasses, designed to shield from the sun.
Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.
Fibre2Fashion News Desk (JP)
Fashion
Drewry WCI snaps 6-week rally due to ease in freight charge
According to the Drewry WCI index, the spot rates from Shanghai to New York and Los Angeles decreased by 3 per cent to $3,552 and $2,810, respectively, per 40-foot container. As per Drewry’s Container Capacity Insight, 9 blank sailings have been announced on the Transpacific trade route for next week to maintain capacity. A few carriers have announced a Peak Season Surcharge (PSS) of around $2,000 per 40ft container, effective May 1. Drewry expects freight rates to remain relatively stable in the coming weeks before the implementation of the announced PSS.
Drewry WCI snapped a six-week rally, falling 2.72 per cent to $2,246 per FEU amid easing freight rates.
Declines on Asia–Europe and Transpacific routes drove the drop, though carriers plan PSS hikes from May.
Despite Middle East tensions, rates are expected to remain relatively stable, with capacity shifts and blank sailings influencing movements.
Spot rates on the Shanghai–Rotterdam trade route decreased 3 per cent to $2,229 per 40ft container, while rates on Shanghai–Genoa fell 2 per cent to $3,343 per 40ft container. Carriers are increasing effective capacity on this trade route, with only one blank sailing announced so far. Meanwhile, ZIM has announced a new bunker factor (NBF) of $850 per container, effective May 1, but for now Drewry expects freight rates to remain stable in the coming week.
Rates from New York to Rotterdam decreased 4 per cent to $1,022 per FEU, while Rotterdam to New York increased 3 per cent to $2,030 per FEU. Rotterdam-Shanghai rose 1 per cent to $599 per FEU, and Los Angeles–Shanghai steadied at $762 per 40-foot container.
The US-led naval blockade around the Strait of Hormuz has halted or restricted ships linked to Iran, with multiple vessels turned back. The disruption has strongly impacted global oil supply chains and pushed oil prices even higher. If ongoing negotiations fail, shippers should prepare for reduced schedule reliability, potential port omissions, longer lead times and upwards pressure on freight rates.
Fibre2Fashion News Desk (KUL)
Fashion
Bangladesh ensuring import of refined fuel from alternative sources
The country has ensured import of refined fuel from alternative sources despite the global situation, and there will be no adverse impact on oil supply due to ERL’s low feed operations, Energy Division joint secretary Monir Hossain Chowdhury was cited as saying by domestic media outlets.
Bangladesh’s Energy Division recently said the capacity of Eastern Refinery Limited (ERL) would affect little the fuel supply system as the unit contributes only a fifth of the country’s petroleum supply system while the rest is imported in refined form.
It has ensured import of refined fuel from alternative sources, and there will be no adverse impact on oil supply due to ERL’s low feed operations.
The facility is now operating two of its four units to refine oils with ‘dead stocks’ and is expected to make two other units operational again, he said. The process to import crude is under way.
Chowdhury said production slowdowns at two ERL units due to crude oil shortages would not disrupt the nation’s fuel supply as over 255,000 metric tonnes of refined fuel is in stock now.
The Strait of Hormuz has been almost closed since February 28 preventing scheduled arrival of 2,00,000 metric tonnes of crude oil to Bangladesh during that period, he noted.
A ship carrying 100,000 tonnes of crude was supposed to arrive from Saudi Arabia in March, but is currently stuck at Rastanura Port as it could not cross the Hormuz Strait, he informed reporters at a press conference. Another ship from the United Arab Emirates (UAE) also met the same fate.
A third ship carrying 100,000 tonnes of Arabian light crude is scheduled to depart from the UAE on April 20 and expected to reach Chattogram via an alternative route on May 2 or 3, he said.
The government has also requested Saudi Arabia to provide another 100,000 tonnes of crude oil in May, he added.
A work order has been issued with the approval of the cabinet to import 100,000 tonnes of crude oil through direct purchase to meet urgent needs.
Fibre2Fashion News Desk (DS)
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