Asos has been demoted from the FTSE 250 index as shares hit a 12-month low.
Despite being valued at £7 billion just over two years ago, the online-only fashion retailer’s shares dropped 3% to 333p on Thursday.
Following the latest FTSE Russell’s quarterly reshuffle, Asos was valued at £400 million.
The move comes as the company posted a half-year loss amid “ongoing challenges in the operating environment”.
In the six months ended 28 February 2023, the group reported an adjusted loss of £69.4 million, compared with a profit and an adjusted profit before tax of £87.4 million.
It also recently launched a new scheme to bridge the gap between the fashion industry and ethnic minority-owned brands.
However, the recent reshuffle by FTSE Russell saw online-only grocer Ocado maintain its position in FTSE 100 after its partner M&S reported an increase in profits.