Shares in Asos shot as high as 13.2 percent to 4 pounds after it was revealed that the online retailer had received a takeover offer from the Alibaba-backed Turkish online retail platform Trendyol last December.
Asos, meanwhile, has seen its revenue and profit drop since the world began to emerge from the pandemic. Shares in Asos have plunged more than 93 percent in the past two years, and it dropped out of the FTSE 250 this week as a result.
Credit insurers such as Allianz Trade and Atradius have pulled or reduced their cover for Asos’ suppliers following concerns about its drop in revenue and profits, and rising costs. In the six months that ended Feb 2023, group revenue fell 8 percent to 1.8 billion pounds. Adjusted earnings before interest and taxes was negative 69.4 million pounds in the period, compared to a profit of 26.2 million pounds year-over-year.
The company also introduced a 300 million pounds cost-cutting package in January, scaling back offices, distribution centers, and brand mix.
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