Once-high-flying Retailer ASOS Falls after FTSE 250 Relegation

FILE PHOTO: Smartphone with an ASOS app and a keyboard are seen in front of a displayed ASOS logo in this illustration picture taken October 13, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Smartphone with an ASOS app and a keyboard are seen in front of a displayed ASOS logo in this illustration picture taken October 13, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
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Once-high-flying Retailer ASOS Falls after FTSE 250 Relegation

FILE PHOTO: Smartphone with an ASOS app and a keyboard are seen in front of a displayed ASOS logo in this illustration picture taken October 13, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Smartphone with an ASOS app and a keyboard are seen in front of a displayed ASOS logo in this illustration picture taken October 13, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

ASOS, the British online fashion pioneer valued at more than 7 billion pounds ($8.8 billion) just over two years ago, has been relegated from the FTSE 250 index of mid-sized companies, illustrating the sharp decline in its fortunes.

It shares fell 3% to a 12-year low of 333 pence in early deals on Thursday, giving it a market value of about 400 million pounds, following the quarterly reshuffle by FTSE Russell. It will move to the FTSE SmallCap index on June 16.

The company, like rival Boohoo, grew rapidly as 20-somethings around the world snapped up its fast fashion, and demand surged again during the pandemic when high street rivals were closed.

But it has been hit by supply chain issues, high product returns, increased competition and a cost-of-living squeeze. Earlier this month it posted a first-half loss of 87.4 million pounds.

British Land was the only company relegated from the FTSE 100 index in the June quarterly review, FTSE Russell said. It will be replaced by engineering group IMI.



Moschino Literally Shreds the Fashion Rules on First Day of Milan Fashion Week

 A model wears a creation as part of the Moschino Spring Summer 2025 collection, that was presented in Milan, Italy, Friday, June 14, 2024. (AP)
A model wears a creation as part of the Moschino Spring Summer 2025 collection, that was presented in Milan, Italy, Friday, June 14, 2024. (AP)
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Moschino Literally Shreds the Fashion Rules on First Day of Milan Fashion Week

 A model wears a creation as part of the Moschino Spring Summer 2025 collection, that was presented in Milan, Italy, Friday, June 14, 2024. (AP)
A model wears a creation as part of the Moschino Spring Summer 2025 collection, that was presented in Milan, Italy, Friday, June 14, 2024. (AP)

Milan Fashion Week reserved for mostly menswear previews opened Friday with two co-ed collections, underlining that the old calendar rules no longer apply.

The week features just 20 runway shows, which should allow time for reflection on where fashion is headed. Moschino opened with a show combining menswear for next summer and women’s 2025 resort, followed by Canadian designer Dsquared2 with a full menswear and womenswear collection.

Highlights from Friday's show:

LOST AND FOUND AT MOSCHINO

Adrian Appiolaza took the rules and literally shredded them in his second season as Moschino creative director.

“The idea of freedom of expression through dressing is what I want to bring to the future of Moschino, which is tied to the original DNA,” Appiolaza said backstage. “It is not about nationality. It’s really about feeling comfortable, dressing the way you want and not the way you should.”

The Argentine designer reads our collective minds as the summer season beckons in the northern hemisphere, tapping desires to break free from the office routine and reach dream destination. Along the way, daydreams take over, and familiar objects shift.

Appiolaza creates a shimmery tank out of big paperclips. A jacket is covered in textile post-its of forgotten tasks. Another becomes the office worker’s survival jacket, with slots for pens, a note pad, credit cards, ID badge, charging cables, nothing is concealed; this later becomes an adventure jacket with field guides and a magnifying glass.

Suits and trenches are deconstructed into dresses. Then they are shredded, as if to say: Enough. The last straw: An airliner perched on a hat. Then a literal straw skirt.

There is release in safari wear, a beach pareo, skirts that work as postcards, knitwear emblazoned with a soccer ball pattern, a blazer printed with still life of an Italian table: ripe tomatoes, a Chianti bottle and bread, worn with a fraying skirt over trousers.

The collection confidently taps the fashion house’s ironic and playful DNA, with fresh and irreverent twists sure to inspire smiles. A suit shirt comes ready with an ink spot. A sparkly pizza smudge graces a tank, worn with an Italian tri-color skirt emblazoned with soccer balls. Men’s brimmed hats are worn in triplicate, as if resized and multiplied by a fashion copy machine.

“They are all explorers, these characters, on a journey of self-discovery,” Appiolaza said.