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British online fashion retailer Asos restricted communication channels after attackers claiming to be Xuanye Group sent push notifications threatening to leak customer data.
Rising shipping costs and changing customs rules squeezed profits even as orders and active customer numbers grew.
Second-quarter revenue rose just 0.9 per cent to 11.08 billion dollars while stock in Hong Kong fell 27.3 per cent below its listing price.
The US fast-fashion parent company is expected to close around 350 stores worldwide, but the Philippine joint venture is boosting investments for the Christmas season.
Higher jet fuel costs and shrinking sales across Europe and the United States eroded operating margins to 2.1 per cent in the retailer’s first public report.
Co-founder Sumit Jasoria says the Bengaluru-based fast-fashion retailer is targeting underserved regional hubs like Ahmedabad to reach Gen Z women.
The three-storey location includes the brand’s Zacaffe concept, localized art installations, and automated return kiosks.
Armed with US$16.74 billion in cash following its Hong Kong listing, the fast-fashion giant is buying higher-end labels to revive stalling top-line growth.
Lower prime retail rents in Hong Kong are opening ground-floor real estate to wealth managers and fast-fashion chains seeking high-visibility flagships.
The online fast-fashion group commanded a US$26.5 billion market valuation on its first day of trading, down from peak private valuations of US$100 billion.
The fast-fashion platform will list in Hong Kong at a US$26.5 billion valuation after abandoning earlier attempts to go public in New York and London.
The online fast-fashion giant traded at HK$44.60 on its first morning, putting its market valuation at US$24 billion after US and European tariff crackdowns erased profits.
The fast-fashion platform will run 2.5 million lab tests this year and enforce strict chemical checks across all childrenswear suppliers.
The fast-fashion giant will allocate 80 per cent of the HK$13.6 billion proceeds to technology and expansion while paying up to $3.5 billion to early-stage investors.
Revenue rose 17.6 per cent to $938.8 million on rapid network rollout and double-digit sales gains across the Americas and Europe.
Four co-founders will control 90 per cent of voting rights as the fast-fashion retailer prepares its Hong Kong debut against regulatory probes in Europe and the US.
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