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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
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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.

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Dior Appoints Jonathan Anderson as Design Chief for Women’s Wear and Haute Couture 

A security guard looks out from the store of French luxury goods company Dior on 5th Avenue in New York City, US, May 23, 2025. (Reuters)
A security guard looks out from the store of French luxury goods company Dior on 5th Avenue in New York City, US, May 23, 2025. (Reuters)
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Dior Appoints Jonathan Anderson as Design Chief for Women’s Wear and Haute Couture 

A security guard looks out from the store of French luxury goods company Dior on 5th Avenue in New York City, US, May 23, 2025. (Reuters)
A security guard looks out from the store of French luxury goods company Dior on 5th Avenue in New York City, US, May 23, 2025. (Reuters)

Dior is appointing its menswear designer Jonathan Anderson to also head womenswear designs and haute couture, replacing Maria Grazia Chiuri and widening his role as it seeks to reignite sales, the LVMH-owned label said on Monday.

"Jonathan Anderson is one of the greatest creative talents of his generation. Its unique artistic signature will be a key asset for writing the next chapter of the Dior house's history," LVMH CEO Bernard Arnault said in a statement.

The French fashion house named Anderson, 40, in April as head of menswear designs, recruiting him from smaller LVMH label Loewe.

The award-winning Irish designer generated buzz around Loewe over the decade he spent at the Spanish label, thanks to quirky designs that caught the attention and praise of fashion critics.

Signature styles under his tenure include baggy, barrel-legged jeans priced at 800 euros ($909.92) and the compact Puzzle handbag, which sells for around 3,000 euros.

Anderson, whose departure from Loewe was announced in March, is one of several new high profile designers taking over some of the world's biggest fashion labels amid a wide-sweeping industry overhaul, including Chanel and Gucci.

The sector is struggling to pull out of a prolonged slump, weighed down by China's property crisis and economic uncertainty in the United States.

Top luxury houses are betting on new design direction to help rekindle interest from shoppers, who have pulled back on fashion as prices rise.

In his new role, Anderson succeeds Chiuri, 61, who was recruited in 2016. The first female creative director at the label, Chiuri relayed feminist messages and showcased artwork at her runway shows, which featured modern renditions of house classics, including Dior's famous, nipped-waist bar jackets, adding fluidity and sometimes a sporty flair to feminine gowns.