Online seller – Stef Mike http://stefmike.org/ Tue, 22 Nov 2022 16:10:59 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://stefmike.org/wp-content/uploads/2021/05/cropped-icon-32x32.png Online seller – Stef Mike http://stefmike.org/ 32 32 UK retailer AO World reports bigger losses amid cost of living crisis | Retail business https://stefmike.org/uk-retailer-ao-world-reports-bigger-losses-amid-cost-of-living-crisis-retail-business/ Tue, 22 Nov 2022 15:06:00 +0000 https://stefmike.org/uk-retailer-ao-world-reports-bigger-losses-amid-cost-of-living-crisis-retail-business/

Online electrical retailer AO World posted larger half-year losses as it was hammered by the cost-of-living crisis and supply chain issues.

AO, which sells kitchen appliances, cellphones, TVs and laptops for home delivery, warned of tough times ahead but raised its full-year profit forecast after the closure of loss-making divisions, including its German operations. That sent its shares up 15%, but they are down more than 40% so far this year.

The Bolton-based company reported a 17% drop in revenue to £546million in the six months to September 30. His pre-tax loss tripled from £4m to £12m in what he described as “a difficult environment”.

“We are of course not immune to the challenging and uncertain consumer environment, and we expect to continue to be impacted by both the cost of living crisis affecting consumer spending, as well as ongoing supply chain issues,” the company said.

Even so, AO, the UK’s biggest seller of major appliances, said its sales were on track and full-year profits would top current forecasts – £20-30m from EBITDA. adjusted (earnings before interest, taxes, depreciation and amortization).

AO Founder and Managing Director John Roberts said: “The majority of what we sell is distress buying, not discretionary buying. If your fridge-freezer breaks down, you’re unlikely to wait until next summer to replace it.

He added that “the energy crisis is making people…trade up a bit” to buy more durable appliances that use less energy.

Roberts was confident that AO would weather the recession well. “This is not our first rodeo in terms of recessions. We’ve been around for 22 years and we have a handbook of what to do in a recession. I called it nine to twelve months ago.

Russ Mould, chief investment officer at stockbroker AJ Bell, said: “Online electronics retailer AO World’s first half results are released in the calm before the storm which is Black Friday and Cyber ​​Monday, when society expects to be extremely busy. .

“AO World was a pandemic winner whose fortunes have since taken an alarming turn, but these results suggest the company may have hit rock bottom and is ready to turn around.

“The backdrop is undoubtedly difficult. Given pressures on household budgets, people are postponing purchases of new appliances where they can, although to some extent if your washing machine or fridge-freezer breaks down, a replacement is an item not discretionary.

]]>
Online used car retailer Carvana lays off 8% of its workforce https://stefmike.org/online-used-car-retailer-carvana-lays-off-8-of-its-workforce/ Sat, 19 Nov 2022 16:46:13 +0000 https://stefmike.org/online-used-car-retailer-carvana-lays-off-8-of-its-workforce/

San Francisco, Nov 19 (IANS) Carvana, a US-based online used car retailer, has laid off around 1,500 employees, or 8% of its workforce, as it tries to cut costs in a context of weakening demand for used cars following the rise in interest rates.

According to CNBC, company CEO Ernie Garcia said in an internal memo that rising funding costs are causing economic headwinds.

“Today is a tough day. The world around us has continued to harden and to do what’s best for the business, we have to make painful choices to adapt,” Garcia said.

The layoffs come on top of a growing number of tech-related job cuts in the face of rising interest rates, lingering inflation and fears of an economic downturn.

Carvana has also grown rapidly, but made some mistakes during the coronavirus pandemic to capitalize on a used-vehicle market of unprecedented strength, according to the report.

The layoffs primarily affect employees in Carvana’s business and technology departments, as well as certain operational positions where the company is “eliminating roles, locations or changes to match our size with the current environment”, adds the report.

Affected employees will receive severance and severance pay, extended medical coverage for three months and other benefits.

“To those affected, I’m sorry. As you all know, we made a decision similar to this in May. It’s fair to wonder why this is happening again, and yet I’m not sure I can answer it. as clearly as you deserve,” added Garcia.

–IANS

shs/vd

]]>
Get your Barnet Boundary Bulletin! – New https://stefmike.org/get-your-barnet-boundary-bulletin-new/ Sat, 12 Nov 2022 10:57:01 +0000 https://stefmike.org/get-your-barnet-boundary-bulletin-new/


Be sure to pick up a copy of today’s edition of the pre-match program with Barnet for £3.

This afternoon’s program includes an interview with Mark Kitching on how he is settling into life at Boundary Park

Timmy Abraham gives us his Football Firsts, and Les Pogliacomi is the latest to feature in our Days Of Our Lives series.

There’s a lot more exclusive content in the new edition, including detailed analysis of our opponents and a number of retro features.

Program vendors are located around the pitch on match day, with copies also available from the club shop.

Order online

Visit: https://www.curtis-sport.com/oldham-athletic

As part of our new agreement with Curtis Sport, fans who are unable to attend a game can now order the program online and have it delivered straight to their doorstep.

These orders will be produced on a schedule that allows for mailing on the Friday before a weekend game, so fans who ordered should allow four working days to receive their edition.

Become a program seller!

With additional sales underway, the club is looking to recruit fans to join our program sales team.

A commission will be paid on each sold program and once the tasks are completed, then you can enjoy the game.

For more information please email matchday@oldhamathletic.co.uk or text/call Pete Wild on 07760223078.

]]>
Britain’s Next buys bankrupt furniture retailer Made.com, 400 jobs cut https://stefmike.org/britains-next-buys-bankrupt-furniture-retailer-made-com-400-jobs-cut/ Wed, 09 Nov 2022 10:57:00 +0000 https://stefmike.org/britains-next-buys-bankrupt-furniture-retailer-made-com-400-jobs-cut/
  • Made.com goes into administration this Wednesday
  • Next buys brand, website and intellectual property for 3.4 million stg
  • 400 jobs lost

LONDON, Nov 9 (Reuters) – British fashion retailer Next (NXT.L) will buy the Made.com (MADE.L) brand for 3.4 million pounds ($3.8 million) after the seller of online furniture collapsed in administration, leading to around 400 job losses.

Made.com hit the buffers on Wednesday, strapped for cash as a weaker economy deterred Britons from buying new furniture. Retail giant Next has purchased its brand, website and intellectual property from administrators PwC.

PwC said in a statement that the agreement did not include staff and therefore there would be around 400 layoffs.

Made.com operated for nearly 18 months as a public company, selling stylish furniture online, backed by a sizable advertising budget. It performed strongly during the COVID-19 pandemic as shoppers, stuck at home, spent freely on sofas, coffee tables and lamps.

But the group ran into trouble and ran out of cash as supply chain disruptions hit its operations before Britain’s economic slowdown began to weigh on consumer spending, leaving it to hold too much inventory.

The appointment of administrators has made it one of the highest-profile UK retailers to fail this year, in what is likely to be a testing period for the sector as consumers face one of the toughest financial squeezes. difficult ever recorded.

The number of business insolvencies in England and Wales hit its highest level from April to June in nearly 13 years as soaring energy prices weighed on businesses, data from the last month.

PwC took control of Made.com’s remaining assets, including payments made to creditors. PwC said 4,500 orders from customers already in the UK and Europe would be filled, but many more would not.

“Society is a victim of the headwinds faced by all retailers, but most heavily those selling high-priced products,” PwC co-director Zelf Hussain said in a statement.

Next, which operates in more than 500 stores and online, has taken stakes or acquired smaller retailers in recent years, including brands such as Victoria’s Secret UK and Reiss.

($1 = 0.8756 pounds)

Reporting by Sachin Ravikumar, additional reporting by Sarah Young and Yadarisa Shabong; Editing by Kate Holton and Mark Potter

Our standards: The Thomson Reuters Trust Principles.

]]>
Luxury online retailer fears drop in orders: Matchesfashion is sounding the alarm https://stefmike.org/luxury-online-retailer-fears-drop-in-orders-matchesfashion-is-sounding-the-alarm/ Sun, 06 Nov 2022 21:50:04 +0000 https://stefmike.org/luxury-online-retailer-fears-drop-in-orders-matchesfashion-is-sounding-the-alarm/

Luxury online retailer fears drop in orders: Matchesfashion raises alarm bells over its future and warns sales could plummet

Under pressure: Matches sells clothes from brands such as Prada and Gucci (pictured) online and has three stores in London

Matchesfashion has sounded the alarm over its future and warned that its orders could take a nose dive.

The luxury online fashion retailer said that by July, sales could fall by 9.1%.

The company said it was at risk of not meeting its financial obligations in January and may have to turn to the discount to sell off stock or raise new funds.

It issued similar previous warnings, but received three waivers from lenders. He is likely to try to negotiate another one now.

Matches sells clothes from designer brands such as Prada, Gucci and Balenciaga online and has three stores in London.

In the year to February 2022, Matchesfashion sales fell slightly to £386,600. He made a loss of £36,300.

This year, the group brought in former Asos boss Nick Beighton.

He said a recovery within the business was “well on track”, adding: “I am delighted with the best performance since August”.

Advertising

]]>
Online sellers, influencers must pay taxes: BIR https://stefmike.org/online-sellers-influencers-must-pay-taxes-bir/ Fri, 04 Nov 2022 11:08:00 +0000 https://stefmike.org/online-sellers-influencers-must-pay-taxes-bir/
A stall in Quezon City uses various online platforms to sell various Christmas decorations on September 1, 2020. Mark Demayo, ABS-CBN News/File

MANILA — The Bureau of Internal Revenue (BIR) is in talks with e-commerce giants like Lazada and Shopee about collecting taxes for online sellers.

At the Philippine E-Commerce Summit in Pasay, BIR Commissioner Lilia Guillermo reiterated that all sellers must pay taxes, including those in the digital economy. However, she noted that many have yet to do so.

“There are initial sightings and findings na talaga maraming (that there are many that were) inconsistent,” Guillermo revealed.

She urges online shopping platforms to provide them with data so that the appropriate taxes can be collected.

Guillermo said some platforms are still considering the move because it could violate privacy laws.

“My strategy is to at least… [make a] memorandum of understanding with the Data Protection Commission [that] giving data to BIR is not a privacy issue,” Guillermo said as a solution to the problem.

She also mentioned that social media influencers, whether individuals or companies, have to pay income tax and value added tax.

The BIR may soon issue a memo urging voluntary registration for influencers and those who earn online.

“Kung ayaw nila mag-volunteer, so don’t do it. Kami naman pupunta sa kanila. Audit na ‘yan,” the BIR chief asserted.

(If they don’t volunteer, then don’t. We’ll go to them. We’ll audit them.)

Guillermo also hopes for the passage of legislation to further broaden the tax base.

One measure seeks to allow taxes on digital services purchased or subscribed to in the Philippines from a foreign-based company.

Guillermo said those who could be taxed included foreign digital services such as “video and online games, webcasts and webinars, from music files and image files to online advertising spaces and electronic marketplaces. to online training and yes, even streaming services”.

Some 11 billion pesos can be added to the tax collection if modifications or changes are made, Guillermo said.

Meanwhile, Commerce Secretary Alfredo Pascual is backing legislation to further help government and small businesses.

He said the e-commerce economy had grown exponentially during the pandemic and was now what he called the great equalizer, as even the poor can transact online.

Pascual said DTI helps small businesses sell well online, as well as market and produce their products well.

“We are creating this e-commerce platform that will provide them with ease of onboarding so that they are introduced to the digital world,” Pascual said.

RELATED VIDEO

]]> Boss PLR: The Latest PLR Reseller Shop for Online Marketers and PLR Sellers https://stefmike.org/boss-plr-the-latest-plr-reseller-shop-for-online-marketers-and-plr-sellers/ Tue, 01 Nov 2022 11:27:56 +0000 https://stefmike.org/boss-plr-the-latest-plr-reseller-shop-for-online-marketers-and-plr-sellers/

Boss PLR is a PLR store that sells reseller PLR item packs to other PLR stores and online marketers. Boss PLR offers high quality item packs with private label rights and resell rights.

Boss PLR is a PLR store that sells private label rights items to online marketers and other PLR sellers. This PLR store is unique because it allows the item packs to be resold to other PLR stores. Boss PLR https://bossplr.com/ is a great way for established sellers to increase their income and for beginners to get started in the PLR ​​business without being writers.

Boss PLR saves you time and money by providing ready-to-sell collections of high quality private label items.

As the demand for quality content grows, so does the need for high-quality PLR articles and blogs.

Every day, thousands of new blogs are launched. And to attract readers, bloggers need content and we are happy to provide it. As a marketer, you can make money by providing bloggers and niche site builders with quality articles and blog posts.

You can also use the articles in your projects or as inspiration for new posts. We’ve designed our PLR items to be easy to use and easy to sell, so you can quickly get started with this business model.

The demand for well-written content is continuously increasing. Therefore, a PLR store can be a great business opportunity. You can quickly sell the items on your website or through other marketplaces.

Boss PLR aims to help online marketers by providing Reseller PLR (Private Label Rights) content to those who wish to resell it and to those who wish to use it for their own purposes.

To make it more attractive to resellers, we limit the number of resell licenses available for each item pack. Once we reach the limit, they are removed from the store.

With thousands of PLR stores and membership sites, limiting the number of resell licenses available to 50 for each item pack helps us ensure that our content is highly valuable. This approach makes Boss PLR an attractive place for those who want to purchase quality resale right items. Our goal is to provide online marketers and PLR sellers with items that can be resold multiple times without loss of value.

Here is a list of benefits of starting a PLR store with Boss PLR item packs:

-Sell items at any price.

-Create a passive income stream with a PLR store or membership site.

– No researching or writing yourself.

-Low start-up costs (you don’t have to hire $20-$50 writers per article)

-Grow your business faster with Boss PLR item packs.

-Get your store up and running quickly.

– Earn recurring commissions on items you resell over and over again.

As the PLR ​​industry is still in its infancy, there are many opportunities to get involved. So why not start with a business that will always have customers.

If you’re looking for a new source of income, start your PLR store today with Boss PLR Item Packs.

Visit https://bossplr.com/get-free-plr/ to download our FREE sample pack of items to see what you’re getting before making a purchase.

Contact information:
Name: Anne-Marie Boucher
Email: Send email
Organization: Boss PLR
Address: 9 South Shediac River Rd, Shediac River, NB E4R 1Y6, Canada
Website: https://bossplr.com/

Build ID: 89084070

If you detect any problems, problems or errors in the content of this press release, please contact [email protected] to let us know. We will respond and rectify the situation within the next 8 hours.

COMTEX_417831991/2773/2022-11-01T05:41:41

]]>
Can underground rooms be listed in square meters? https://stefmike.org/can-underground-rooms-be-listed-in-square-meters/ Sat, 29 Oct 2022 09:08:26 +0000 https://stefmike.org/can-underground-rooms-be-listed-in-square-meters/

Inman Connect New York offers the perfect mix of outside-the-box thinkers, cutting-edge leaders, and hard-working, successful agents. Join us January 24-26 for crucial content, education and networking opportunities to help you thrive in today’s ever-changing marketplace. Register here.

Sweet spoilers ahead

Most horror movie characters react with fear when they discover a hidden room or a network of dark tunnels under their house.

But for a character, AJ Gilbride, in the sleeper horror movie Barbaric released last month, discovering the damp passages and creepy dungeon in its basement was a joyful moment.

Justin Long plays a disgraced actor in the midst of a #MeToo-style scandal that destroyed his career and wiped out his finances, sending him to Detroit to sell his investment properties to pay his legal bills.

While staying at one of his properties, a well-maintained Airbnb in an otherwise bombed-out neighborhood, Long stumbles upon a creepy secret room in the basement with a camera, a bed, and a bloody handprint. When he digs further, he discovers a whole network of dark, unfinished tunnels under the property.

Instead of reacting in fear, the discovery results in one of the most memorable comedies seen in a horror movie in years, when the film cuts to a lengthy search “can the underground chambers be listed in square feet” on the Internet before heading into the tunnels armed with a measuring tape.

Inman examined the realities of the surface underground and answered questions that Long’s character could have used answers for.

Can underground rooms be included in the square footage of a house?

As Long’s character discovered during his first Internet search, underground or unfinished rooms – as well as enclosed porches, three-season rooms, and garages – do not count as living spaces and cannot be calculated for the total area of ​​a house.

Since the rooms he discovered were both underground and unfinished, there’s no way they could have counted against his square footage.

Although the secret room and its surroundings cannot be included in the gross living area (GLA), they can potentially be included in the total living area (TLA), he finds.

What is the difference between GLA and TLA?

According to Appraisal Partners, gross living area, or GLA, can be thought of as the finished, habitable, above-ground space in a home that can be heated or cooled. Meanwhile, the total living area, or TLA, includes the underground space and possibly the secondary suites.

According to Jody Bishop, President of the Valuation Institute, Jody Bishop, above ground or “above ground” living space is generally priced differently than below ground or “underground” living space. below ground level”, which means that a hidden room in the basement can add value to a home as a finished, functional space but at a lower price than the rest of the house.

“While it could add value, if it was a usable and functional space like the rest of the basement, then yes it could add a bit more value, but not at the same rate as the area above ground level,” Bishop said.

For example, if the area above ground level of a house is worth $100 per square foot, the area below ground level may be worth $20 per square foot, Bishop explained.

In Gilbride’s case though, given that the unhidden basement was largely unfinished and unlivable, it’s unlikely the hidden dungeon and even darker earthen tunnels would have done much for its property value.

Who can I contact with my unusual evaluation questions?

Bishop recommends seeking appraisers appointed by the Principal Residential Appraisal (SRA) to handle any quirky appraisal issues, such as hidden rooms and underground space. SRA-appointed appraisers receive higher education and training and generally have more experience than other appraisers.

“They work in markets where it’s more unusual,” Bishop said. “You don’t typically find them in the entry-level mortgage market, they deal with unusual things.”

SRA-appointed appraisers can be found on the Appraisal Institute website.

How do appraisers determine the square footage of a home?

As of April 2022, accredited appraisers are required by Fannie Mae to use the American National Standards Institute’s standardized property measurement guidelines to calculate square footage, which involves computer-generated sketches rather than drawn sketches by hand and requires appraisers to show the calculations they used to determine the square footage.

The measurement system was adopted in 2022 to bring more consistency to how appraisers determine home value based on the GLA.

“Residential property appraisals are strongly correlated to the GLA, but historically there has been little consistency in how appraisers determine it,” reads a brochure from Fannie Mae explaining the change. “Our adoption of the ANSI standard for measuring, calculating and reporting square footage creates alignment among market players, provides a professional and defensible method for the appraiser, [and] allows transparent and reproducible results for the user of the evaluation report.

Email Ben Verde

]]>
October Way Day sale. Shop the Biggest Deals https://stefmike.org/october-way-day-sale-shop-the-biggest-deals/ Wed, 26 Oct 2022 11:39:00 +0000 https://stefmike.org/october-way-day-sale-shop-the-biggest-deals/ EXPLAINS HOW TO SPOT THE SCAM. ACCORDING TO A RECENT MARIST SURVEY, 76% OF AMERICAN ADULTS SAID THEY SHOP ONLINE. THAT MEANS A LOT OF PACKAGES AND SHIPPING. AND IF YOU DON’T KEEP WHAT YOU ORDERED. THE scammers are ready to pounce. THIS WAS SENT TO ME BY A NEWS 8 TV. IT IS A TEXT MESSAGE LOOKING TO BE FROM US POST. HE CLAIMS THE ITEM CANNOT BE DELIVERED BECAUSE THE HOUSE NUMBER WAS INCORRECTLY WRITTEN. VIEWER WAS TOLD TO CLICK ON A LINK AND PUT CREDIT CARD INFORMATION AS THERE WAS A $1 SHIPPING FEE. THE REAL USPS WILL NOT ASK FOR PAYMENT TO READ DELIVER A PACKAGE, AND HAPPYLY, THE TV IN THIS CASE RECOGNIZES THE WEBSITE AS A FAKE AND HAS NOT PUT THAT CREDIT CARD INFORMATION. SO IF YOU RECEIVE A MESSAGE LIKE THIS, DO NOT CLICK ON A LINK. LOOK FOR UNUSUAL, EVEN WEIRD, WEB LINKS. AS WE ENTER THE HOLIDAY SHOPPING SEASON, SCAMPERS WILL TRY TO TRY YOU LIKE THIS WITH NAMES, COMPANIES AND SHIPPING COMPANIES YOU KNOW BUT KEEP RECORDS, WHAT YOU ORDER ONLINE AND HOW THEY WILL ALLOW YOU TO FOLLOW THE EXPECTED PACKAGE. THEN DON’T FALL INTO SCAMS. THINK BEFORE YOU CLICK AND YOU COULD SAVE YOURSELF A LOT OF HEADACHES.

An online retailer is hosting a major sales event to close out October. Here are some of the best deals

Sales on sales on sales. Online retailer Wayfair is hosting a big sales event to close out October called “Way Day”. If that sounds like Prime Day, then you’d be right. It’s Wayfair’s own version of a two-day sale bargain where there are deep discounts on many products on their site. Wayfair held back Way Day in late April, but because Amazon brought back Prime Day sales in October with Prime Early Access Sale, the online home store is redoing Way Day from Wednesday to end of day Thursday. If you love decorating and improving the home, then this might be the time for you to jump into deals on products ranging from your living room furniture and bathroom upgrades to a new one. mattresses and new kitchen utensils. a deep dive into the Wayfair site and found some of the best deals available, so you don’t have to. Here’s what we found. Keep in mind that prices and inventory may change throughout the sale. Mobile app users, click here for the best viewing experience Way Day Mattress Deals Save 33% on a Novilla Queen Hybrid Mattress Save 39% on a King Size Memory Foam Mattress Save 45% on a Majestic king size medium mattress Save 59% on a Sealy memory foam mattress in a boxClick here to see more mattress dealsWay Day furniture dealsSave 28% on an upholstered sofa with three reclining seatsSave 29% on a cart Hamilton Rolling Kitchen SetSave 59% Off A Four-Person Counter Height Dining SetSave 73% On A Popular BookcaseSee Below For Deals On Specific Furniture Items:Click Here For Dining Furniture SalesClick Here here for living room furniture salesClick here for office furniture salesClick here for bedroom furniture sales ber% off a top-rated Air Fryer from PowerXLSave 45% off a Cuisinart Programmable Coffee MakerClick here to see more appliance deals sliding glass door storage cabinetSave 62% off a Mistana rugSave 62% off a chest of drawers 8-Drawer Cabinet from MistanaSave 65% on select graphic works from Andover MillsYou can view all Way Day deals by clicking here.

Sales on sales on sales.

Online retailer Wayfair is hosting a big sales event to close out October called “Way Day”. If that sounds like Prime Day, then you’d be right. It’s Wayfair’s own version of a two-day sale bargain where there are deep discounts on many products on their site.

Wayfair held back Way Day in late April, but because Amazon brought back Prime Day sales in October with Prime Early Access Sale, the online home store is redoing Way Day from Wednesday to end of day Thursday.

If you’re into home decorating and home improvement, now might be the time for you to jump into deals on products ranging from your living room furniture and bathroom upgrades to a new mattress and new kitchen utensils.

We’ve taken a deep dive into Wayfair’s site and found some of the best deals available, so you don’t have to. Here’s what we found.

Keep in mind that prices and inventory may change throughout the sale. Mobile app users, click here for the best viewing experience

Deals on Way Day mattresses

Click here to see more mattress offers

Way Day Furniture Deals

See below for deals on specific furniture items:

Way Day Device Deals

Click here to see more appliance deals

Way Day offers 60% off and more

You can consult all the Way Day offers in by clicking here.

]]>
Frasers Acquires 5% Stake in Asos to Become Fourth Investor | Fraser Group https://stefmike.org/frasers-acquires-5-stake-in-asos-to-become-fourth-investor-fraser-group/ Sun, 23 Oct 2022 19:09:00 +0000 https://stefmike.org/frasers-acquires-5-stake-in-asos-to-become-fourth-investor-fraser-group/

Online fashion retailer Asos is set to confirm that billionaire retailer Mike Ashley has acquired a stake of more than 5% in the business.

Asos’ statement to investors could come as early as Monday morning, before the London Stock Exchange reopens after the weekend.

Ashley’s fashion and sportswear retailer, Frasers Group, informed Asos on Friday that it had become one of the company’s largest shareholders. This decision made Frasers the fourth shareholder of Asos. It was required to inform Asos as soon as its stake in the company reached 5%.

Frasers first took a small stake in Asos earlier in the year, continuing the company’s record of building stakes in other retailers, making it one of the few companies to expand in the main street. Frasers’ increased stake, first reported by the Telegraph, came after Asos reported slowing sales and a pre-tax loss of £32m in the year to august.

Like many retailers, Asos has issued a profit warning as it grapples with rising energy and staff costs, combined with the impact of a weak pound and shoppers limiting their spending in the midst of the cost of living crisis.

Asos’ share price has fallen more than 80% in the past year, and the retailer has revealed in recent days that it has agreed to a £650m bank facility to give it “flexibility financial”.

The company said it would cancel more than £100m of shares and cut costs in response to tougher trading conditions.

Asos’ new chief executive said last week that the company had become too complex and had become “globally outdated” as it tried to attract buyers outside the UK, on markets such as the United States, France and Germany.

José Antonio Ramos Calamonte said he would work to buy his inventory more frequently and closer to the time of sale, to ensure he had the right fashions to offer customers.

Frasers has continued to acquire other retail businesses in recent months: in July it bought online fast fashion specialist I Saw It First, a month after buying online fashion retailer Missguided off administration for £20 million in cash.

Frasers recently joined the FTSE 100 index of major stocks after a six-year absence. The group, which previously traded as Sports Direct, dropped from the index in 2016 when its share price plummeted after a Guardian investigation found poor working conditions and pay in the company as well as poor transactions in its stores.

Ashley expanded his retail empire in 2018 with the purchase of collapsed department store chain House of Fraser, and in recent years has also invested heavily in the Flannels chain.

He resigned from the Frasers Group board earlier in October, after 40 years at the helm, when the company said he would not stand for re-election as a director at the annual meeting of the band. However, he remains the company’s majority shareholder, with a nearly 70% stake, and continues to act as an advisor to the board and senior management.

A spokesperson for Frasers only said the group “makes strategic investments in the normal course of business, to develop relationships and partnerships with other retailers, suppliers and brands”.

Asos declined to comment on Frasers’ increased stake.

]]>