One of the big trends Asos has seen is shoppers opting for lower-priced items. The average selling price of a customer’s total purchase was down 6%. In menswear specifically, the company also saw “a slowdown in sneaker brands, which has been quite dramatic,” Beighton said.

Asos’s UK sales on their own weren’t terrible. They grew 19% in the three months to November—down slightly so far from the growth in the last four months of 2017 (pdf). The brand, however, said its sales had fallen in Europe too, specifically France and Germany, and in regions such as Australia. “The current backdrop of economic uncertainty across many of our major markets together with a weakening in consumer confidence has led to the weakest growth in online clothing sales in recent years,” the brand said. “We have recalibrated our expectations for the current year accordingly.”

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