A fashion disaster: How ASOS lost its throne to Shein
In 2021, Asos was top drawer. Business was booming as the pandemic had a hugely positive impact on sales, primarily from the exponential growth in sales of leisurewear. Cut to two years later and it’s a much gloomier picture for the fashion marketplace. Hit with nearly £300 million in losses and the prospect of sales continuing to fall by as much as 15%, Asos is facing a fashion disaster unlike anyone would have predicted. Of course, two years ago no one was anticipating the country jumping from a pandemic into a Cost-of-Living crisis. But the economic downturn, while obvious, is not the only cause for decline- there are other factors at play.