Katie Martin
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Fast fashion. So hot right now.
Online fashion retailer Boohoo appears to have struck a strong chord with young customers, racking up sales growth of more than 50 per cent in the three months to the end of May from the same period last year.
Overall revenues jumped by 53 per cent to £183.6m, with the total dominated by the UK, its home market, but also with a jump of some 82 per cent elsewhere in Europe and 75 per cent growth in the US.
“The scale of group revenue is aligning with our ambition to become one of the dominant global online retailers and our focus on profitability continues to deliver industry-leading margins,” said joint CEOs Mehmud Kamani and Carol Kane. “We remain highly encouraged by our performance in the first quarter and confident of our expectations for the remainder of the year and beyond.”
Young consumers’ apparently insatiable desire for cheap, trendy clobber is not without controversy; as the FT reported last month, working conditions in English clothes factories can be poor. Customers’ demands for speedy deliveries mean that local manufacturing is the best option for the retailers, but cost pressures are intense.
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