There's a new stock market darling in the world of fast fashion [Business News Network (BNN) Energy & Resources (Canada)]
ASOS PLC UNSP/ADR (ASOMY)
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Source: Business News Network
There's a new stock market darling in the world of fast fashion British online fashion retailer Boohoo Group Plc is leaving rival Asos Plc in the dust, consolidating its position as the industry’s new market darling. Shares of Boohoo rose to a record on Thursday after the company raised its annual sales outlook, pushing its market value to about 3.3 billion pounds (US$4 billion). It’s the biggest company on AIM, London Stock Exchange’s junior market for growth companies. Asos, which was worth 6.5 billion pounds as recently as March 2018, now has a value of only about 2 billion pounds. Asos shares have lost more than a third of their value since the London-based company reduced its sales outlook in December. It disappointed the market again in July after saying a move to new technology at U.S. and European warehouses was taking longer than expected. Boohoo, on the other hand, increased its full-year sales growth forecast on Thursday, a month after buying British brands Karen Millen and
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