Asos profits / write off more than £100m of stock

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It has been reported that, “Asos plans to write off more than £100m of stock and cut costs after diving into the red after its annual sales growth almost halted, as shoppers hit by the cost of living crisis reined in spending on fashion.”

James Hyde, Chief Product Officer & Founder, James and James Fulfilment says:

“What we’re seeing with ASOS emphasises the need for fashion businesses to truly get to grips with inventory management in order to minimise wastage. Unfortunately, wastage is all too common in the fashion industry, which isn’t great from either a commercial or sustainability point of view. As we continue moving through this period of economic uncertainty, minimising wastage will be essential for growth, and there’s a long-term impact on the planet to consider, too.

Minimising wastage is easier said than done, of course, especially in the fashion industry. With that being said, there are plenty of inventory management tools on the market that can help eCommerce businesses to properly optimise their inventory, rather than going in blind or relying on gut feelings.”