Online fashion firm tops Marks & Spencer’s market valuation of £4.88bn as shopping stalwarts stumble and internet retailers thriveMarks & Spencer has been usurped by online rival Asos in what has been described as the tall street’s “Tesla moment” as traditional retailing stalwarts get overtaken by original online rivals.
The 17-year-traditional fashion website has been biting at M&S’s heels for several months but on Friday its shares gained 2%,boosting its market value to £4.89bn, making it a more valuable business than the 133-year-traditional tall street giant, or now worth £4.88bn,according to Reuters data revealing the number of shares in issue.
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Source: guardian.co.uk