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.
Strong sales of plus-size and petite clothes have helped boost profit at online fashion retailer Boohoo. The company, which is aimed at 16-24 year-olds in particular, said its main womenswear range of dresses and jackets, as well as its new menswear website, also saw strong sales. Pre-tax profits jumped 129% to 14.3m in the six months to August. It also benefited from successful marketing campaigns, especially on social media. "We have... stepped up our activity on social media on Facebook Live and on Snapchat and a content drive on Instagram has helped us pass the two-million follower mark in the UK," the company said in its statement.
Fashion chain New Look is continuing to cut prices as it tries to turn around its business. New Look wants 80% of its clothes to sell for less than £20. The price cuts come amid falling sales. Like-for-like sales plunged by 11.7% in the financial year which ended in March, and website sales tumbled 19%. New Look is one of many retailers this year that struck a Company Voluntary Agreement (CVA) under which a company buys time to sort out its debts.
Scrolling through Instagram, you're bound to come across an influencer wearing an outfit from one of the internet's many fast fashion retailers. Pretty Little Thing and Missguided offer loads of clothes at really low prices - and they update much quicker than the high street. But how are these online retailers impacting the environment? And what role does social media play in the "wear it once" trend? MPs released a report last week outlining their worries about fast fashion's effect on the environment.