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We’ve all been there. A friend’s wedding is three days away and you don’t have anything to wear. The last thing you want to do is drag yourself around high-street shops, so it inevitably you turn to ASOS. After all, the company is known for its next day delivery and simple free returns service. Though many of us are reliant on the online fast fashion retailer for last-minute holiday purchases or big seasonal shops, a new report shows that ASOS’s pre-tax losses ballooned to almost £300m in the year to 3 September, compared with £31m the previous year, according to the results published on Wednesday (1 November). Despite its huge popularity, the once undisputed queen of online retailers now faces stiff competition from abroad, challenging economic headwinds, and a maturing clientele potentially seeking a more tailored experience. Leading some to ask, is ASOS in SOS? When ASOS was launched in 2000, the online retailer was considered revolutionary. It was like a supersize department store at your fingertips and became the first online retailer that UK customers could visit and find hundreds of dresses for £30 all in one place. But, in recent years, the company has been cutting its stock as it faces severe profit and revenue losses. In July and August, the retailer said it was hit by wet during the summer months, forcing the retailer to cut its stock by 30 per cent. Some experts now say that the holes within ASOS’s business model are becoming apparent. Rick Smith, Managing Director of business recovery firm Forbes Burton tells The Independent that ASOS’s business model of allowing large numbers of free returns makes the company susceptible to financial losses during challenging economic conditions. “The buying culture within their target demographic sees several items returned for each order placed, which can make for slim profit margins,” Smith explains. “ASOS has enjoyed a stratospheric rise since their inception, but have perhaps reached their ceiling now and need to cut their cloth accordingly, especially given the amount of economic headwinds [such as as the cost of living crisis] in play at the moment.” The buying habits of consumers have also shifted in the 23 years since ASOS launched. Smith says that sifting through hundreds of products has become a painstaking and often unenjoyable task for its customers. “Once large online retailers get to a certain size, it can become laborious for customers to scour their whole catalogue,” Smith explains. “The online fashion landscape is evolving now to a point that customers are looking for a more tailored service from websites.” With the rise of shopping on social media, too, young people are increasingly buying individual items from retailers on Instagram and TikTok or instead shopping directly from the brands that ASOS stocks, such as Pull and Bear, Stüssy and Bershka, which all have their own websites. “ASOS’s busy 20-something [target] market doesn’t necessarily have the time to sift through dozens of item pages,” adds Smith. “So curated collections and recommendations based on user input may be one of the changes they eventually look at.” ASOS, which originally stood for As Seen On Screen, initially started trading with the tagline “Buy what you see on film and TV” as it exclusively sold imitations of clothing worn by celebrities. That business model quickly expanded away from the world of replica products: ASOS now offers 850 affordable to mid-range high-street brands and ships to 196 countries. But the company is also now tackling a debt issue, with net debt including leases now at £648.5m, up from £533m the year before. Analysts predict that the online fashion site may need to raise quick cash soon – potentially through the rumoured sale of its Topshop brand, which ASOS acquired when the Arcadia Group went bust in 2021 and closed Topshop’s bricks and mortar stores. Despite the profit slump and predicted future losses, José Antonio Ramos Calamonte, ASOS’s chief executive, said in the report that the company has made “good progress” in “a very challenging environment” and would continue to invest in its brand and stock more fashionable lines of clothing. The company plans to spend £30m more on marketing and said it was going “back to fashion” with its products “geared around fashion and excitement”. As ASOS faces huge losses, it was reported this week that the Chinese-founded retailer Shein has acquired UK company Missguided, with plans to “reignite” the online retailer that was only bought out of administration by Mike Ashley’s Frasers Group a year and a half ago. Despite calls for boycotts from anti-fashion campaigners, Shein is currently valued at around £53bn, having expanded globally and bought many of its rival brands. In 2022, it was the most-googled fashion brand in the world and made a reported £18.9bn in revenue, suggesting that fast fashion is not falling out of favour with consumers who want to find entire outfits on a budget. 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Melanie Sykes has revealed she’s been diagnosed with Tourette’s syndrome. The 52-year-old I’m A Celebrity... Get Me Out of Here! star revealed the news of her diagnosis on her close friend Alan Carr’s podcast. Speaking of her diagnosis, Sykes said she’s “wired completely differently” and is “only now” understanding the impact of the neurological disorder on her life. Tourette’s syndrome may cause sudden unwanted and uncontrolled rapid and repeated movements or vocal sounds called tics. During the interview, when Carr assured Sykes that it was fine to swear during the conversation, she said: “Oh good, but I’ll try not to, because I’ve just discovered I have Tourette’s. “I describe in the book (Illuminated: Autism and all the Things I’ve Left Unsaid) how I laugh at really inappropriate things. I am wired a completely different way and I’m only just understanding it. “I used to think, ‘What’s wrong with me?’ Now I know it’s everything that’s right with me,” Sykes added. The new diagnosis comes two years after Sykes was diagnosed with autism. The presenter, who is known for shows like Let’s Do Lunch with Gino D’Acampo, said after the diagnosis that “finally, so many things made sense”. Sykes first revealed her diagnosis in an email to readers of her magazine, The Frank. She wrote that finding out she was on the autism spectrum, which can affect the way people with autism communicate and interact with others, was “life-affirming”. She has since been welcomed into the autistic community with messages from mothers of children on the spectrum and adults diagnosed late in life. “They’re so happy I’m talking about it, normalising it,” Sykes told the magazine. “Some people who were too embarrassed to tell anyone now feel they can. “It makes me extremely happy to know I’ve helped.” Sykes’ diagnosis comes after singer Lewis Capaldi recently announced he was taking a break from touring for the “foreseeable future” due to his Tourette’s. The “Someone You Loved” singer struggled with his performance on the Pyramid Stage at Glastonbury this year because of his tics, and appeared visibly moved by the huge audience who helped him sing his song. Following the show, Capaldi said he is “still learning to adjust to the impact of my Tourette’s” and needed to spend time taking care of his physical and mental health before he could return to touring. Read More Kylie Jenner and Jordyn Woods reunite four years after Tristan Thompson cheating scandal Nicole Kidman defends her controversial Vanity Fair mini skirt cover Alan Titchmarsh warns against ‘ill-considered’ rewilding trend in domestic gardens These are the women making waves in the cycling world Nappy changes and tantrums over Michael Gove: I took my toddler to a music festival Demi Lovato says she still struggles with vision, hearing impairment after overdose