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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Max Verstappen said he would welcome the challenge of an “amazing” championship rematch with Lewis Hamilton. Verstappen raced to a crushing victory at the Spanish Grand Prix on Sunday following yet another one-sided display in his dominant Red Bull machine. Hamilton finished runner-up to Verstappen with George Russell third in the other Mercedes. Verstappen has won five of the opening seven rounds to establish a commanding 53-point title lead over team-mate Sergio Perez. But Mercedes’ upturn in form at Barcelona’s Circuit de Catalunya has provided Hamilton with renewed hope that his dream of a record eighth world title is not over. Hamilton, who has not won a race since his contentious championship defeat to Verstappen at the 2021 season finale in Abu Dhabi, said in Barcelona that he would continue in Formula One for as long as possible in order to fight Verstappen for the title again. Verstappen is on course to race to a hat-trick of titles this season, but when asked how excited he would be about the prospect of going toe-to-toe with Hamilton next year, Verstappen replied: “It would be great for the sport. “If there are more teams fighting upfront, and that is what they want to achieve, then honestly that would be amazing. “Hopefully throughout the year it will get closer, and maybe next year there will be more teams up there.” Hamilton has only six months to run on his Mercedes contract and the British driver, 38, met with team principal Toto Wolff on Monday in the hope of rubber-stamping a new deal. The meeting is understood to be one of a series of discussions between Hamilton and Wolff, and not thought to be a definitive moment in negotiations. If there are more teams fighting upfront, and that is what they want to achieve, then honestly that would be amazing Max Verstappen It is anticipated that Hamilton’s extension will be a multi-year deal, extending Hamilton’s stay in F1 beyond his 40th birthday. “I am focused on making sure we have the car next year to challenge Red Bull from day one,” said Hamilton, who is already 83 points behind Verstappen in the standings. “I am working as hard as I can with this team and I see so much strength with the team. They are still so hungry. “These guys will take two seconds to enjoy themselves on Sunday and then they will be back in the books trying to figure out how we can win the next race and that is what I love about them.” Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live Max Verstappen tops rain-hit final practice for Spanish Grand Prix Lewis Hamilton toils in 12th as Max Verstappen and Red Bull dominate in Spain Fernando Alonso: Hamilton can win eighth title but Verstappen can break records

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Take out your sunnies, folks, and prepare to be blinded by Coach’s new electrifying metallic and patent leather bags. The beloved pillowy Coach Tabby Bag has undergone a sleek, edgy transformation and is ready to party. While the first edition of the Coach Tabby Bag came in whimsical, pastel-candy hues, the second highlights the bag in mirror metallics and pigmented patent leather. Just think of the new silhouettes as the original’s fashion-forward twin sister.

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A fitness expert has slammed Logan Paul and KSI's Prime energy drink and called it their “most profitable scam yet”. James Smith looked at the science behind hydration and claimed that despite the fact the drink is the official hydration sponsor of UFC, Bayern Munich, Arsenal and Barcelona, Paul and KSI “don’t even understand” the concept of hydration. Explaining how rehydration works, Smith said that water and sodium are key to tackling dehydration. He said: “If you’re partaking in a sport [where you] lose loads of water and loads of salt [and you] replenish with just water, over time you’re going to create a negative balance of sodium.” While Smith explained that replenishing electrolytes sodium, potassium, calcium, and magnesium, it was sodium that is the most important to replenish. He then compared Prime’s offering to other leading brands, showing that Prime only has 5mg of sodium. It did however have an impressive 700mg of potassium. Logan Paul's Most Profitable Scam Yet www.youtube.com Powerade, meanwhile, contains 168mg of sodium and 200mg of potassium. “So understanding that when we sweat we lose mostly water and salt, which one of these two, [Prime of Powerade], do you think is going to be superior when it comes to replenishing the sodium that you’re losing?” he asked. It comes after Paul and KSI’s Prime defended the levels of caffeine in its beverages after facing a backlash. Health experts previously called on the US Food and Drug Administration to investigate the energy drink company. A 12 oz can of Prime, which was founded by YouTube stars Logan Paul and KSI, contains 200mg of caffeine, equivalent to about half a dozen Coke cans or nearly two Red Bulls. Sign up to our free Indy100 weekly newsletter Have your say in our news democracy. Click the upvote icon at the top of the page to help raise this article through the indy100 rankings.

There is a crisis brewing in the olive oil industry.

After their collaborations on 30 Rock and Unbreakable Kimmy Schmidt, I will watch anything that