Boohoo news and archive

Boohoo struggles amid sales decline, but investor confidence persists

Boohoo, the fast fashion retailer, has encountered a challenging start to 2023, with sales experiencing a double-digit decline and adjusted Ebitda being reduced by half. The company reported losses amounting to 90.7 million pounds for the fiscal year ending February 2022, attributing the setback to elevated operating costs and surplus inventory....

BusinessFeatured

Boohoo swings to loss, revenues decline by 11 percent

Boohoo Group reported revenue of 1.769 billion pounds, down 11 percent for the year ended February 28, 2023. Revenues increased 43 percent compared to 2020. Gross margin of 50.6 percent, was down 190 bps versus last year. Adjusted EBITDA of 63.3 million pounds, was down 49 percent, with an adjusted EBITDA margin of 3.6 percent. The company’s...

Fashion

Boohoo partners with Pantone on collection for Mental Health Awareness Month

Fast fashion retailer Boohoo has unveiled a collaborative collection with colour authority Pantone which the duo said falls in line with Mental Health Awareness Month. To link with this, the collaborators selected colours that were “vibrant” and “mood-enhancing” for “purposeful product” that hopes to inspire a positive mindset and encourage...

Business

Boohoo reportedly demanding 10 percent discount from suppliers

Fast fashion group Boohoo is believed to be demanding a 10 percent discount from its suppliers in a bid to reduce its supply chain costs. The discount is said to be regarding both delivered and undelivered clothing, covering all outstanding orders made by the retailer. The Times cited an unnamed supplier as its source, who told the publication...

Business

Boohoo appoints John Goold as non-executive director

Boohoo has announced the appointment of John Goold to the board as an independent non-executive director with effect from today. Goold will become chairman of the audit committee and he will also be a member of the nomination, remuneration and risk committees. He is currently CEO of Kelso Group Holdings plc and non-executive director of...

Retail

Boohoo to open first pop-up store in London

Fast fashion giant Boohoo has unveiled that it will be opening its first ever pop-up shop on Great Portland Street, Central London. The location will be accessible from March 25 to 26, with its opening times for both days set from 11am to 5pm. The pop-up will house the brand’s latest collections and newest arrivals, including a range of...

BusinessFeatured

Boohoo faces shareholder backlash over new growth share plan

Boohoo’s newly outlined growth share strategy was received with hesitancy at its general meeting, with 37 percent of shareholders voting against the implementation of the plan. With the rest on board, the fast fashion group is set to go ahead with the plans anyway, however in a regulatory filing it noted that its Remuneration Committee would...

BusinessFeatured

Boohoo unveils growth plan in light of ‘unprecedented’ headwinds

As a response to unprecedented macroeconomic and market headwinds, Boohoo has unveiled a new Growth Plan in a bid to drive long-term sustainable growth and rebuild shareholder value. In a regulatory filing, the retail group said its market capitalisation had significantly decreased due to the current market conditions, resulting in the...

BusinessFeatured

Boohoo sales drop 11 percent over Christmas trading period

British fashion giant Boohoo Group has reported an 11 percent drop in sales in the important Christmas trading period, which it said was in line with expectation. Group sales came in at 637.7 million pounds for the four months to December 31, down from the 714.5 million pounds it reported a year earlier. Compared to FY20 levels, however, sales...

Business

Boohoo Group plans job cuts at London office

British fashion giant Boohoo Group is planning to cut jobs at its office in London’s Soho. A spokesperson for the Manchester-based group told FashionUnited that a consultation phase is underway but a decision on the exact number of job cuts has not yet been made. The Times reported that the retailer is consulting on more than 100 redundancies,...

BusinessFeatured

Under Boohoo ownership, Arcadia brands and Debenhams remain unprofitable

When fast fashion chain Boohoo acquired Debenhams in 2021 there was little inclination to restore the department store to its former glory. Instead Boohoo bought its brand equity, the Debenhams website and customer base, for 50 million pounds. But like other brands under Boohoo’s portfolio, which include former Arcadia Group’s Dorothy Perkins,...

Business

Boohoo to close Wellingborough distribution centre in January

Fast fashion group Boohoo is set to close its distribution centre in Wellingborough in North Northamptonshire in the new year, impacting around 420 jobs. Boohoo has invested in three of its distribution centres over the past few years - in Burnley, Daventry, and Sheffield - creating increased capacity to manage its growing portfolio of brands. “...