Fashion e-tail giant ASOS announced a date for its half-year results on Friday (they’re due on 24 April) but more importantly it issued the briefest of brief trading updates and the news looked good.

The company reiterated that — as it had said in its November update — it expects “a significant improvement in profitability in H1 FY25, despite continued volume deleverage, following a strong gross margin development driven by lower markdown activity and increased full-price mix, and continued cost discipline”. 

In fact, it expects revenue growth in line with, and adjusted EBITDA ahead of the consensus among analysts. The company-compiled consensus for the first half (as of this week) is for total sales growth in constant currency to be 13%, while adjusted EBITDA should be £34 million and the adjusted EBITDA margin 2.6%.

Behind those dry figures, ASOS added that it was encouraged by the fact that “own-brand full-price sales, a core engine of its customer proposition, returned to growth in the first half. This was enabled by its market-leading Test & React model, now more than 15% of own-brand sales and growing”.

It’s all upbeat news for a business that has been somewhat battered by intense competition and consumer caution since the glory days of the pandemic-driven e-tail boom.

Just-bought discount retailer TOFS (The Original Factory Shop) could see its UK store count drastically reduced.

New owner Modella Capital is contemplating a Company Voluntary Arrangement (CVA) to close a number of its 180 retail units, according to Sky News.

The variety retailer, which sells a number of major brands including L’Oreal beauty and Adidas sportswear, was acquired last month from private equity firm Duke Street for an undisclosed sum. Modella’s now understood to be in talks with business adviser Interpath on options for the retail group, including a potential CVA, which would result in cutting the retailer’s 1,800-strong workforce.

At the same time, Modella is also drawing up plans for a radical restructuring of the retailer. This will also include discussions with landlords over rent reductions for a number of surviving stores. Reports also claim a TOFS distribution centre will be a focus of those restructuring plans.

TOFS, which was founded in 1969 and then acquired by Duke Street in 2007 for £68.5 million, is understood to had also come under the bidding scrutiny of usual suspect Frasers Group, Baaj Capital and Poundstretcher, which is owned by the investment group Fortress the report also said.

Modella and Interpath have so far yet to comment.

Dubbed the ‘Oscars of the Tailoring World’, this week’s Golden Shears Awards saw Huntsman apprentice Joanna Spreadbury scoop the coveted top award and its accompanying  £3,000.

Second place (Silver Shears and £2,500) was awarded to London College of Fashion student Tilda Jonathan, with Connock & Lockie apprentice Kasia Hughes winning the Rising Star prize along with £2,000. 

Held at the Merchant Taylors’ Hall, the 50th (biannual) competition “unites skilled fashion students and apprentice tailors, providing a platform to showcase their creative vision and technical excellence and celebrates the next generation of UK tailoring and fashion talent”. 

Attracting nearly 90 entries, 25 finalists were selected based on their technical excellence to compete in the Golden Shears Final 2025. It featured a live catwalk show judged by industry leaders, choosing the evening event’s three winners.

Jenny Casebourne, head of Portfolio at the event’s supporter The Pollen Estate, said: “As custodians of Savile Row and surrounding streets, the next generation of tailors are important to our community and these awards are a testament to craftsmanship in the UK.

“We are excited to help nurture the future generations in their knowledge and skills of suit making and we look forward to seeing more young talent entering a career in tailoring.”