Jan. 14 - Slow growth in the United States and Australia has taken the shine off a big jump in Christmas sales at British online fashion retailer ASOS. Hayley Platt reports
Slow growth in America and Australia dented what was otherwise an impressive performance by ASOS. Shares fell six percent, taking the shine off a big jump in Christmas sales. Britain's best loved online fashion retailer saw a sales increase of more than third in the last four months of the year. It was one of the sector's major winners over the key Christmas trading period. And the retailer now has almost 8 million active customers - 41% more than last December. As Seen on Screen was set up by former advertising executive Nick Robertson in 2000. It started by copying clothes worn by celebrities. Before long internet-savvy twentysomethings were snapping up its fast-changing fashions. America's First Lady Michelle Obama and singer Rita Ora are reported to be fans. The company's now valued at 5.8 billion pounds, only 2 billion less than Britain's biggest clothing retailer Marks & Spencer. ASOS said it benefitted from recent service improvements, including free delivery and returns. But some investors are clearly fretting about its slowdown overseas. ASOS's recent launch in China was its 8th local language site outside the UK.