Online fashion retailer, Asos, has seen a £500m rise in revenue to £2.4bn for the year to 31 August, while profits jumped 28 per cent to £102m.

Shares in the company have risen by 14 per cent to £56.74, as reported by the BBC.

Asos sales have risen more than a fifth in each of the past three years as shoppers buy more and more online.

The retailer said it has grown strongly in both the UK and internationally over the last year. It is now focused on building Asos into the world's number one destination for fashion-loving twenty-somethings.

Asos broke ground with a new gender-fluid range called Collusion, designed with young social media influencers.

Punchline said: "Without the overheads of high street stores and with a huge range of fashion for women and men, the likes of New Look will always find it hard to compete with Asos."