Fast fashion’s quick decline: Asos and Boohoo have that post-Covid feeling

Once the feared enemy of the high street and worth more than £5bn, the online fashion retailer Asos has seen its value slump as it faces difficulties that could herald the demise of fast fashion.The London-based seller dropped out of the FTSE 250 with a whimper this week, valued at about £320m.Four years ago Asos, and its fellow online fast fashion purveyor Boohoo, were booming as the high street suffered from Covid pandemic lockdowns, and largely housebound shoppers had cash to spare for slouchy leisurewear.They thought shoppers had been permanently converted to online shopping, and stocked up accordingly, only for Asos to find itself lumbered with a £1bn stock hangover as, post-pandemic, young and old alike once again enjoyed the freedom to try on clothes and stalk the high street.By the end of 2021 Nick Beighton resigned as chief executive with profits headed downwards – and the new boss, José Antonio Ramos Calamonte, has yet to stem the decline

Retail sales rise but ONS apologises as statistics crisis deepens

Sunny weather and the Euro 2025 women’s football tournament helped boost retail sales in July, according to delayed official figures that have been blighted by errors.The Office for National Statistics (ONS) apologised for the mistakes and delay in releasing the retail sales figures for Great Britain, which were published two weeks later than planned.The UK statistics agency made another error on Friday morning, issuing a link to the wrong blog by a senior executive explaining that the ONS needs to improve its performance.The ONS said retail sales volumes grew 0.6% month on month in July because of a combination of factors, including good weather and sales of clothing and merchandise related to the Lionesses’ winning run

US justice department opens criminal inquiry into Fed governor Lisa Cook

The US justice department has initiated a criminal investigation into mortgage fraud claims against the Federal Reserve governor Lisa Cook as a lawsuit she filed against Donald Trump over her firing makes its way through court.Lawyers with the justice department have issued subpoenas for the investigation, according to the Wall Street Journal, which first reported the investigation, which has since been confirmed by multiple news publications.Last month, Trump moved to fire Cook over unconfirmed claims that she listed two properties as her primary residence. Bill Pulte, the director of the Federal Housing and Finance Agency and a close ally of Trump, alleged Cook had lied on bank documents and records to obtain a better mortgage rate.Cook, a voting member of the Fed board that sets interest rates, said she had “no intention of being bullied to step down” and that she would “take any questions about my financial history seriously”

BrewDog posts £37m loss as sales growth slows to just 1%

BrewDog lost nearly £37m last year as sales growth ground to a virtual halt, capping a rocky period in the wake of its outspoken founder James Watt’s departure as chief executive.In the past few months, the self-styled “punk” beer company’s drinks have been axed from 2,000 pubs as customers opted for rival brews. It has also shut 10 of its own bars, citing tough trading conditions. Watt’s co-founder, Martin Dickie, announced his own departure last month.On Thursday afternoon, BrewDog’s shareholders – who it calls “punks” – received an update outlining the company’s financial position

UK businesses cut jobs at fastest pace in four years over summer, Bank of England finds

UK businesses cut jobs at the fastest pace in four years over the summer, according to a Bank of England survey highlighting the impact from tax rises on employers.The monthly snapshot from a survey of chief financial officers at British businesses of all sizes showed firms reduced employment by an annual rate of 0.5% in the three months to August, the fastest since 2021.There was also a marked decline from the previous month in firms’ employment intentions for the coming year. Expectations for jobs growth weakened by 0

Simple solution to Sainsbury’s shoplifting | Brief letters

There is a far better way for Sainsbury’s to cut shoplifting than using facial recognition tech (Report, 2 September). It is simply to employ more staff to serve at the checkouts rather than increasing the use of self-service terminals. Last time we went to the Sainsbury’s Whitechapel store, there were no staffed checkouts at all and no floor manager to complain to, just self-service tills and one harassed member of staff trying to keep an eye on things. Mary Pimm and Nik WoodLondon Regarding Zoe Williams’ dealings at her local tip (2 September), if the recycling centre isn’t interested in old but working computers or monitors, how about asking your local school? Our local primary was happy to take my old but fully working Apple iMac and Mac mini. Ken Scott South Milford, North Yorkshire Manchester may have had “Corporation Pop” (Letters, 1 September), but in Birmingham we had “Corporation Brylcreem”