Asos Overtakes M&S – Is This The UK High Street's Tesla Moment?

Marks & Spencer has been usurped by online rival Asos in what has been described as the high street’s “Tesla moment” as old retailing stalwarts get overtaken by new online rivals.

The 17-year-old 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-old high street giant, now worth £4.88bn, according to Reuters data revealing the number of shares in issue.

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