Online fashion group ASOS cut its annual sales growth and profit margin forecasts on Monday, becoming the latest British retailer to highlight a major downturn in November trading, sending its shares sharply lower.
The stock was down 36 percent at 0829 GMT, as ASOS's warning showed that even previously high-flying online-only clothing retailers were not immune to a growing crisis in the UK retail sector.
Shares in other British clothing groups fell on a read across to ASOS's update and fears of poor Christmas trading - Marks & Spencer was down 2.4 percent and Next was down 3.8 percent.
Shares in direct rival Boohoo were down 9 percent, even though it said it was trading in line with expectations.
"We knew the high street was struggling due to structural shifts, but ASOS slashing guidance suggests things are even worse in the run-up to Christmas than previously thought for the sector and the strife extends well beyond the high street," said Markets.com chief market analyst Neil Wilson.
The gloom in the run-up to Christmas has been building. Last week sportswear retailer Sports Direct said November trading was "unbelievably bad", while clothing group Bonmarche said it was faring much worse than during the financial crisis.