• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Former U.S. Secret Service agent says bringing your authentic self to work stifles teamwork: 'You don’t get high performers, you get sloppiness'

2

Former VP Kamala Harris says she went through a nine-hour interview to land the job—but she couldn’t escape ‘gold medal depression’ even when she won

3

A new trade war may be brewing. This time, Europe is taking a page from Trump's playbook — 'We no longer live in a world of pink ponies and rainbows'

1

Former U.S. Secret Service agent says bringing your authentic self to work stifles teamwork: 'You don’t get high performers, you get sloppiness'

2

Former VP Kamala Harris says she went through a nine-hour interview to land the job—but she couldn’t escape ‘gold medal depression’ even when she won

3

A new trade war may be brewing. This time, Europe is taking a page from Trump's playbook — 'We no longer live in a world of pink ponies and rainbows'
Retailreturn to office
Europe

Online-only retailer Asos blames ‘detrimental’ virtual meetings, ordering staff back to the office to lift performance after making $150 million in losses

Prarthana Prakash
By
Prarthana Prakash
Prarthana Prakash
Europe Business News Reporter
Down Arrow Button Icon
Prarthana Prakash
By
Prarthana Prakash
Prarthana Prakash
Europe Business News Reporter
Down Arrow Button Icon
June 20, 2024, 6:48 AM ET
person standing outside a Asos x Nordstrom store
Asia Monet attends the ASOS | Nordstrom Store Opening in Los Angeles, U.S.Gonzalo Marroquin—Getty Images/Nordstrom
Add Fortune on Google for similar content.

Asos had a whale of a time during the pandemic. 

Recommended Video

The online store’s sales surged, profits tripled, and popularity soared as people clicked away on their shopping carts from home. 

Then reality hit. Supply chain struggles, a share price slump, and financial woes became all too real—and now, as the retailer tries to turn its business around, it’s requiring people to show up in the office more. 

Asos, which runs a sprawling retail store online, has warned its staff that virtual meetings are having a “detrimental” impact on its performance, causing a “strain” on the entire company, the Times of London reported, citing an internal correspondence on Wednesday. 

The U.K.-based company, which also owned Topshop, now insists that its staff adhere to its return-to-work policy of at least three days a week in the office. That way, people can be involved face-to-face in projects, brainstorming, and other commercial meetings. 

Asos added that there was a “very real need” for people to touch and feel clothes, which was “impossible virtually.”

Many companies that offered flexibility to employees during the pandemic have since walked back on their policies to lure people back into the office. From tech to banking, every industry has seen the trend. Take Zoom, the video conferencing platform—it ordered its staff back to the office twice a week last year.  

In Asos’s case, the memo clamping down on employees waffling their way through flexible work policies comes at a crucial time as the company tries to overhaul its business amid deep losses. 

In late 2020, Asos’s then-CEO Nick Beighton told The Evening Standard that working from home was “not better” than the in-office setting as you “simply can’t replicate the camaraderie, creativity and energy you get from being together.” It’s unclear how many Asos employees have failed to meet its three-day minimum office attendance rule. 

Representatives at Asos didn’t didn’t immediately return Fortune’s request for comment.

Turning the woes around 

Once a stock market favorite, the London-listed company’s shares have become the most-shorted stocks in the U.K. as investors think it might fall further. Its shares have shed 10% of their value in the last year and 88% over the last five years. 

Asos reported an 18% decline in sales and a 37% higher pre-tax loss of £120 million ($150 million) for the six months to Mar. 3, 2024 compared to a year earlier. Competition has also heated up with cheaper retailers like Shein and Temu flooding the market, adding pressure on Asos to fix its business.

Under CEO Jose Antonio Ramos Calamonte, the company has been trying various measures to bring its business back to good health. Asos announced a debt restructuring deal from shareholders worth £80 million ($100 million) in May, in addition to the £275 million ($349 million) it borrowed from lender Bantry Bay Capital. 

On the operational side, Calamonte has also slashed capacity and unloaded Asos’s inventory by offering heavy discounts and curbed costs.

When announcing half-year results in April, Asos said it was confident it could turn its fate around in the next fiscal year as all its efforts started reaping the rewards. 

“Asos is becoming a faster and more agile business,” Calamonte said in a statement at the time.

The Fortune 500 Innovation Forum will convene Fortune 500 executives, U.S. policy officials, top founders, and thought leaders to help define what’s next for the American economy, Nov. 16-17 in Detroit. Apply here.
About the Author
Prarthana Prakash
By Prarthana PrakashEurope Business News Reporter
LinkedIn icon

Prarthana Prakash was a Europe business reporter at Fortune.

See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Retail

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.


Latest in Retail

A man holds a grocery basket and walks down the aisle of a store.
RetailFood and drink
Your ‘proteinmaxxing’ is creating a whey shortage that’s ratcheting up prices and leaving snack companies to eat costs or make recipes worse
By Sasha RogelbergJune 21, 2026
20 hours ago
‘I didn’t want a refund, I didn’t want my money back’: meet a grandma who paid $485 for World Cup tickets and never got them
Travel & LeisureSoccer
‘I didn’t want a refund, I didn’t want my money back’: meet a grandma who paid $485 for World Cup tickets and never got them
By R.J. Rico, Emilie Megnien and The Associated PressJune 20, 2026
2 days ago
A man helps a woman pick meat in the grocery store
EconomyFood and drink
Beef is becoming a luxury as prices stay at record highs. They likely won’t come down until 2028, says Farm Bureau
By Jacqueline MunisJune 20, 2026
2 days ago
Record revenues. Record profits. Record revenue per employee. The Fortune 500 is richer than ever—and employing fewer people
EconomyFortune 500
Record revenues. Record profits. Record revenue per employee. The Fortune 500 is richer than ever—and employing fewer people
By Claire ZillmanJune 19, 2026
3 days ago
A shopper looks at a beverage display June 4, 2026 at the Market 32 Supermarket in South Burlington, Vermont.
EconomyConsumers
Miserable K-shaped economy might actually be fading, as lower-income families bounce back, says Bank of America
By Eleanor PringleJune 19, 2026
3 days ago
Piyush Patel
Commentaryshopping
Black Friday already sorted the winners from the losers. Your industry is next
By Piyush PatelJune 19, 2026
3 days ago

Most Popular

Former U.S. Secret Service agent says bringing your authentic self to work stifles teamwork: 'You don’t get high performers, you get sloppiness'
Success
Former U.S. Secret Service agent says bringing your authentic self to work stifles teamwork: 'You don’t get high performers, you get sloppiness'
By Sydney LakeJune 21, 2026
20 hours ago
Former VP Kamala Harris says she went through a nine-hour interview to land the job—but she couldn’t escape ‘gold medal depression’ even when she won
Success
Former VP Kamala Harris says she went through a nine-hour interview to land the job—but she couldn’t escape ‘gold medal depression’ even when she won
By Emma BurleighJune 21, 2026
21 hours ago
A new trade war may be brewing. This time, Europe is taking a page from Trump's playbook — 'We no longer live in a world of pink ponies and rainbows'
Economy
A new trade war may be brewing. This time, Europe is taking a page from Trump's playbook — 'We no longer live in a world of pink ponies and rainbows'
By Jason MaJune 20, 2026
1 day ago
'I literally was crying last night because I’m nervous about what I’m going to find out': a record 51% of Americans aren't 'cost secure' on health
Health
'I literally was crying last night because I’m nervous about what I’m going to find out': a record 51% of Americans aren't 'cost secure' on health
By Ali Swenson, Amelia Thomson-Deveaux and The Associated PressJune 20, 2026
2 days ago
NBC’s Tom Llamas climbed from 15-year-old intern to the top anchor chair—and still isn’t satisfied: ‘If you're not growing, you're dying'
Success
NBC’s Tom Llamas climbed from 15-year-old intern to the top anchor chair—and still isn’t satisfied: ‘If you're not growing, you're dying'
By Preston ForeJune 21, 2026
20 hours ago
Tenzin Seldon: The GLP-1 boom is the biggest climate story no one is pricing in
Commentary
Tenzin Seldon: The GLP-1 boom is the biggest climate story no one is pricing in
By Tenzin SeldonJune 21, 2026
20 hours ago