Markets

Asos overtakes M&S – is this the UK high street’s Tesla moment?

Online fashion firm tops Marks & Spencer’s market valuation of £4.88bn as shopping stalwarts stumble and internet retailers thrive

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.

Related: New M&S chair promises new radical shake-up to fix ‘drifting’ business

Related: Asos poised to overtake M&S in 'seminal moment' for UK fashion

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