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. Read More The funniest and most unique celebrity Halloween costumes of 2023 Kim Kardashian’s ‘power-nipple’ bra isn’t empowering – it’s the stuff of nightmares It’s ‘Phoebe Philo’ day – here’s why fashion fans are so excited The funniest and most unique celebrity Halloween costumes of 2023 Kim Kardashian’s ‘power-nipple’ bra isn’t empowering – it’s the stuff of nightmares It’s ‘Phoebe Philo’ day – here’s why fashion fans are so excited

Daniel Ricciardo will make a sensational return to the F1 track at the Hungarian Grand Prix later this month after signing a short-term loan deal with AlphaTauri, and will replace Nyck de Vries for the rest of the current season. After parting ways with McLaren last year, Ricciardo returned to his old team Red Bull as a reserve driver, and Red Bull will now loan the Australian to AlphaTauri for the remainder of the 2023 campaign. De Vries has been dropped with immediate effect in the midst of a difficult season, as one of only two drivers on the grid who has failed to collect a single championship point. Thirty-four-year-old Ricciardo’s first race for AlphaTauri will be at the Hungaroring in Budapest next Sunday, 23 July. More follows... Click here to subscribe to The Independent’s Sport YouTube channel for all the latest sports videos. Read More Daniel Ricciardo makes shock F1 return with AlphaTauri Secret Red Bull meeting fuels talk of Lando Norris switch Lando Norris says Just Stop Oil protest at Silverstone would be ‘stupid’

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Max Verstappen goaded his forlorn rivals by challenging Red Bull to pointless “pit-stop training” during his exhibition win in Belgium on Sunday. Verstappen started sixth by virtue of a grid penalty for a gearbox change, but he assumed the lead on lap 17 of 44 before taking the chequered flag 22.3 seconds clear of Red Bull team-mate Sergio Perez. Charles Leclerc finished third for Ferrari. Mercedes’ Lewis Hamilton started third and crossed the line in fourth. Verstappen’s triumph was his eighth in a row – leaving him just one short of Sebastian Vettel’s record. It also marked his 10th victory from 12 rounds so far this season, his 19th from his last 23 outings and Red Bull’s 22nd in that period. The team from Milton Keynes head into Formula One’s summer break unbeaten this season. Verstappen is riding on a wave of invincibility – a staggering 125 points clear in the championship – and with nine laps remaining here, his supreme confidence was expressed in a message to his race engineer Gianpiero Lambiase. “I could also push on and we do another stop?” he said. “A little bit of pit-stop training?” “Not this time,” replied Lambiase. “He has reason to be cheeky because he is just driving circles round everybody else on merit,” was the verdict of Mercedes team principal Toto Wolff following another so-so afternoon for the Silver Arrows. “The stopwatch never lies and there is one guy in one car above everyone else.” From sixth to fourth at the end of the first lap, Verstappen dispatched of Hamilton at 210mph on the Kemmel Straight on lap six, and then Leclerc three laps later following a fine move round the outside of the Ferrari pole-sitter at Les Combes. Then came the first of a series of sharp-edged radio exchanges with Lambiase which would provide some entertainment on a one-sided afternoon in the Ardennes. Trailing Perez, Verstappen wanted Red Bull to perform a double-stack tyre-stop in order not to lose any time to his team-mate on fresh rubber. But his request was rebuffed by the Red Bull pit wall. “So don’t forget Max, use your head please,” said Lambiase. “Are we both doing it (stopping) or what?” replied Verstappen. “You just follow my instruction,” came Lambiase’s response. “No, I want to know both cars do it,” fired back Verstappen. “Max, please follow my instruction and trust it, thank you,” said Lambiase. Lambiase was promptly back on the radio to ask Verstappen if he could make his dry rubber last for the next nine minutes with fine drizzle anticipated. “I can’t see the weather radar,” was Verstappen’s spiky response. A lap after Perez stopped for tyres, Verstappen came in. He left the pit-lane 2.8 sec adrift of the Mexican but he required only two laps before he was crawling all over the back of his team-mate’s identical machine. Verstappen tracked Perez through the fearsome Eau Rouge-Raidillon section before he applied DRS and roared round Perez along the Kemmel Straight. By the end of that 17th lap, Verstappen had already established a 1.6 sec gap over his team-mate. It then began to drizzle, and Verstappen endued a hairy moment through Eau Rouge as the back end of his Red Bull stepped out at 180mph. “F***, I nearly lost it,” said the championship leader after he regained control. On lap 29, Perez now trailing Verstappen by nine seconds, stopped for a second time, with Verstappen following in on the same lap and then building on his lead. Lambiase returned to the airwaves. “You used a lot of the tyre on the out-lap, Max,” he said. “I am not sure if that was sensible.” Verstappen responded by producing the fastest lap of the race. Verstappen’s back-and-forth with Lambiase, known as GP, came 48 hours after they squabbled over the radio in qualifying. But Red Bull team principal Christian Horner said: “GP and Max have been together since the first race that Max stepped into the car. Max is a demanding customer. And you’ve got to be a strong character to deal with that. “GP is our Jason Statham equivalent, certainly a lookalike, and he deals with him firmly but fairly. “There’s a great respect between the two of them and that comes out of a mutual trust, which you must have between an engineer and a driver. There’s no counselling required.” The sport will now head for a four-week shutdown before Verstappen’s home race in the Netherlands on August 27. Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live Max Verstappen beats Oscar Piastri to sprint race pole in Belgium How Max Verstappen and record-breaking Red Bull compare to Formula One greats I held my breath – Lewis Hamilton enjoys ‘extraordinary’ run to pole in Budapest