Fashion was one of the drivers of online sales in July, bolstering confidence in clothing online specialists such as Asos.
Total UK ecommerce sales jumped 16.8% year on year in July and were up 15.7% month on month, according to the IMRG Capgemini e-Retail Sales Index.
Clothing sales soared 18% in July compared with June as shoppers took advantage of clearance Sales and stocked up on summer holiday items.
Singer Capital Markets analyst Matthew McEachran said the strong rise in online sales was likely to be good news for Asos.
“The data confirms our suspicions that there has been recovery in the online market over the summer months, as also seen in the weekly John Lewis data. Over the next 12 months we anticipate
strong growth from [Asos’s] overseas markets, in particular the US,” he said.
McEachran added that Asos’s management are doing much to develop the business’s international offer and believes this will translate into stronger group sales from the end of the current financial year in March 2009.