Sales at Boohoo grew strongly in the last four months of 2018, in another sign that people are choosing online shopping over the High Street. The online fashion retailer, which also owns the PrettyLittleThing and Nastygal fashion labels, saw revenues in the four-month period jump 44% to £328.2m. It revised its revenue growth forecast for the financial year to 43%-45%, up from a previous estimate of 38%-43%. The company called the figures "another great set of results". In a statement, joint chief executives Mahmud Kamani and Carol Kane said: "The global growth opportunity is significant and we will be addressing it in a controlled way - investing in our proposition, operations and infrastructure to capitalise on the opportunity."
Online fashion retailer Boohoo has reported strong half-year profits and rapid growth at its fast fashion brands PrettyLittleThing and NastyGal. Boohoo Group revenue jumped 50% to £395.3m and pre-tax profits rose 22% to £24.7m in the six months to 31 August, compared with the previous year. The online fashion retailer raised its forecast for revenue growth this year. It expects sales growth of between 38% and 43%, up from its previous range of 35% to 40%. Boohoo said use of its social media content had grown dramatically.
Online fashion retailer Boohoo has agreed to buy the online businesses of Oasis and Warehouse for £5.25m. Oasis and Warehouse collapsed into administration in April with the loss of about 1,800 jobs. The brand and stock were bought by Hilco Capital, which has now sold them on to Boohoo. But no buyer for the High Street stores could be found, as the coronavirus lockdown accelerates the shift of shoppers online. The brands were forced to shut their 90 UK stores in March because of the coronavirus lockdown, although the previous owner had been in talks to sell the businesses before the crisis.
Three major online retailers have dropped fast fashion brand Boohoo over allegations of low pay and unsafe conditions at a supplier's factories. Next dropped Boohoo clothes from its websites last week, while Asos and Zalando followed suit on Tuesday. This follows a Sunday Times report claiming workers at a Leicester factory were paid £3.50 an hour, while being offered no protection from coronavirus. Boohoo said if the reports were true, conditions were "totally unacceptable". The company, which also owns the Nasty Gal and PrettyLittleThing brands, has denied any responsibility but said it would "thoroughly investigate" the claims.
You might have bought some joggers from there, or seen your favourite Instagram star wearing one of their dresses, but how much do you really know about Boohoo? The online fashion firm has been a real winner during lockdown, with a massive increase in its sales by 45% to £368m in the three months to the end of May. But it's been hit by claims that workers at a Leicester factory that supplies some of its clothes were paid just £3.50 an hour, while being offered no coronavirus protection. Boohoo has said it's launching an investigation, but experts say it could struggle to make a comeback after the controversy. Here's five things you may not know about the company.