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.



Chanel Stuns with Color, and Kylie Jenner, in Paris Couture Show

A model presents a creation by the creative studio of fashion house Chanel as part of their Haute Couture Spring/Summer 2025 collection show in Paris, France, January 28, 2025. (Reuters)
A model presents a creation by the creative studio of fashion house Chanel as part of their Haute Couture Spring/Summer 2025 collection show in Paris, France, January 28, 2025. (Reuters)
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Chanel Stuns with Color, and Kylie Jenner, in Paris Couture Show

A model presents a creation by the creative studio of fashion house Chanel as part of their Haute Couture Spring/Summer 2025 collection show in Paris, France, January 28, 2025. (Reuters)
A model presents a creation by the creative studio of fashion house Chanel as part of their Haute Couture Spring/Summer 2025 collection show in Paris, France, January 28, 2025. (Reuters)

Snaking traffic, screaming crowds, and a crush of photographers descended on the Grand Palais on Tuesday as Chanel unveiled its latest show before Matthieu Blazy’s debut as creative director in the fall. Kylie Jenner led a constellation of stars, seated atop two giant interlocking C’s raised like a bridge — perhaps a metaphor for the house’s transition to its bold new chapter.

Critics expecting an underwhelming, designer-less show were swiftly proven wrong. Chanel’s studio punched above its weight, delivering a collection of striking hues and diverse designs showcasing its couture ateliers’ unrivaled artistry.

The theme — Coco, the colorist

For a designer famous for revolutionizing fashion with the use of black, this collection went against the grain. Gabrielle “Coco” Chanel’s lesser-known talent as a colorist took center stage, with joyful pastels, bold tones, midnight blue, and classic black following a complete cycle from day to night — something like a “greatest hits” collection on the eve of the reboot.

Whimsy, drama, and buttons

The runway pieces struck a balance between whimsy and drama. Beyond the house's bread-and-butter tweed skirt suits, leg-of-mutton sleeves brought historical grandeur, evoking a sense of Victorian elegance. Sequins and paillettes shimmered under the bright Grand Palais light. Silk trains in bold red injected a sense of drama. Playful neckties hinted at a 1970s influence.

A standout piece was a satin pastel yellow gown with delicate buttons running down the front, exuding the glamour of old Hollywood while maintaining a fresh feel.

But the devil at Chanel couture is in the detail — the buttons.

Buttons in rock crystal, metal, and rhinestone ones adorned jackets, skirts, and dresses, adding a quiet brilliance to the vibrant collection.

Kylie Jenner leads star-studded crowd

The audience was a testament to Chanel’s unmatched global power, boasting one of the most prestigious guestlists of Paris Fashion Week. And not just Kylie Jenner perched atop the double-C decor.

Global ambassadors Jennie, the K-pop superstar from BLACKPINK, G-Dragon, and Lily-Rose Depp sat alongside Dua Lipa, Marion Cotillard, and actresses Elsa Zylberstein and Antonia Desplat.

Among the star-studded crowd, Pamela Anderson, who's been seen at shows all week was flanked by teams of menacing security guards.

Front row buzz for Blazy

The chatter centered on the maison’s impending creative shift. Virginie Viard, who succeeded Karl Lagerfeld in 2019, parted ways with Chanel last year following tepid reviews. One guest Tuesday summed up the mood bluntly: “Even the studio show seems better than what Viard did,” capturing the widespread belief that Chanel needed fresh vision.

Blazy, who arrives with a reputation for craftsmanship and innovation, was most recently the creative director at Bottega Veneta.

He reportedly inherits a maison in robust financial health, providing a solid foundation for his ambitious vision.

Despite the mixed reception, under Viard's tenure, Chanel saw record sales, with revenue reaching a reported $19.7 billion in 2023, including a 23% increase in ready-to-wear sales.

What the brand says — on their 110th anniversary

As Chanel couture celebrates its 110th anniversary, the house released a special film giving an insider’s look at its iconic Rue Cambon headquarters. Featuring Vanessa Paradis, Marion Cotillard and Naomi Campbell, the film delves into the intricacies of couture craftsmanship.

“At Chanel, we take a minimum of 25-30 measurements,” one seamstress revealed, showcasing how some garments require thousands of hours of meticulous handcrafting. Through intimate interviews with “les petites mains,” the film highlighted the dedication that defines Chanel as a benchmark of couture excellence.