Going from strength to strength
Going from strength to strength in online retail, Boohoo said today that its combination of fast fashion at low prices had got the group off to a strong start to the year.
The retailer, which sells own-brand clothing, shoes and accessories online to a core market of 16 to 30-year-olds, has reported a 53 per cent rise in revenue to £183.6m for the first quarter of the year.
“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,” its joint CEOs Mahmud Kamani and Carol Kane said in a statement.
While traditional high street groups like Marks & Spencer and House of Fraser shut stores, the online-only groups are powering ahead.