Online clothing retailer Asos today posted another scorching quarter of revenue growth but the clothing giants Zara and H&M were hit by a slowdown on the High Street.
Asos was also celebrating an endorsement from the Duchess of Cambridge, who yesterday wore one of its maternity dresses, and a “phenomenal” response to the launch of Primark clothing on its site last week. The retailer, one of whose outfits is modelled above by Azealia Banks, grew UK sales by 39% to £64.4 million in the three months to May 31, its third straight quarter of growth ahead of expectations.
Chief executive Nick Robertson said Asos’ decision last year to lower prices on own-label products helped build momentum. Total retail sales rose 45% to £193.6 million.
But Inditex, the Spanish giant behind the Zara, Massimo Dutti and Pull & Bear chains, posted quarterly profits up by just 1.2% to £438 million, its weakest growth for four years after unfavourable weather.
Its Swedish fast-fashion rival H&M, whose clothes are modelled by Beyoncé, pictured, also had a quarter to forget, with underlying sales falling 4% in the three months to May 31.
