Profits and sales double at Manchester-based Boohoo.com
Manchester-based fast fashion retailer Boohoo is on track to almost double its pre-tax profits to £29.6m with sales also climbing to £290.4m – £100m up on the prior year – according to reports in the national press over the weekend.
The company recently bought US fashion firm Nasty Gal out of bankruptcy for £20m and a bridal range selling wedding dresses at less than £80.
In January, Boohoo by trumpeted a 55% leap in sales over Christmas, boosted by its Black Friday promotions and affordable range of party dresses starting at £8.
Boohoo also snapped up smaller online fashion rival Pretty Little Thing, which was set up by the sons of Boohoo co-founder Mahmud Kamani, in 2016.
Boohoo about half of its of its products in the UK, but the company is still expected it to feel the squeeze from the weaker pound on import costs.
The key to the success of Boohoo and its online fashion rivals is their ability to offer fresh ranges faster than the high street helped by the rise of smartphone usage as shoppers become more comfortable with buying items on the go.