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[January 13, 2014]
Online fashion giant Asos set to reveal sparkling Christmas sales
(City A.M. (UK) Via Acquire Media NewsEdge) ONLINE fashion giant Asos is set to report a leap in sales of as much as 38 per cent tomorrow thanks to rising demand in Germany and a strong performance in the UK.
The online retailer is expected to have bucked the gloom faced by many bricks and mortar retailers this Christmas, with Peel Hunt analysts predicting a 35 per cent rise in UK retail sales in the first four months of the year.
The launch of a new mobile Android app and the addition of new brands such as New Look and River Island is also expected to have further lifted sales in its home market.
Asos' participation in Germany television show Fashion Hero is expected to have raised its profile and boosted sales in the country.
Overall European sales are predicted to have increased by as much as 72 per cent.
The US was Asos' fastest growing division last year. However sales are expected to have slowed after brands were not priced competitively enough.
Meanwhile Peel Hunt is forecasting a 23 per cent rise across its Rest of World division.
The Aim-listed group, which has seen shares rise by more than 160 per cent over the past year, is targeting £1bn sales by 2015.
(c) 2014 City A.M.
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