Retail's winter gloom goes online
The gloomy update from a British online retailer that competes with Amazon.com and has furnished fashions to the likes of Meghan Markle shows that European retail weakness is widespread in the run-up to the Christmas holidays
Europe’s retail crisis is spreading from bricks and mortar stores to e-commerce as Asos shares plunged after the company warned that Christmas shopping got off to a disastrous start.
The gloomy update from a British online retailer that competes with Amazon.com and has furnished fashions to the likes of Meghan Markle shows that retail weakness is widespread in the run-up to the Christmas holidays.
Asos fell as much as 43 per cent in London on Monday, wiping more than £1.4 billion pounds off the market value. The shares eventually closed almost 40 per cent lower. The news dragged down other online retailers like Boohoo and Zalando, as well as store operators like Marks & Spencer andNext.
