Boohoo booms with £1.7bn year

Boohoo looks to create 1,000 new jobs as it targets growth

With an additional 4 million customers recruited during the year to February 28th, demand rose at Boohoo despite the bad press it received around sweatshop conditions in some of its UK supplier factories in and around Leicester. This was, however not enough to deter customers who, in the absence of high street fast fashion competition during periods of lockdown, turned to online retailers like Boohoo.

The business said it had grown its revenues by 39 per cent in the UK and by 44 per cent overseas. It had also acquired the Debenhams online business and brand,  plus Dorothy Perkins, Burton and Wallis from Arcadia’s administrators.

John Lyttle, CEO, commented: “FY21 has been a year of significant investment for the group as we build a platform for the future and I am very pleased to report a strong financial performance. Our established businesses have continued to grow across all territories as we gain market share with our compelling consumer proposition.

“We completed over £250m of acquisitions in the period, which included Oasis, Warehouse, Debenhams, Dorothy Perkins, Burton and Wallis, as well as the purchase of the remaining minority interest in PrettyLittleThing in a transaction that to date has resulted in substantial earnings enhancement for the group’s shareholders.

“Our newly acquired brands are being re-energised and made relevant for today’s consumer across a broader market demographic.

“We are very excited about their potential and are already seeing the early rewards from their growth. We have also invested in improving the oversight and transparency of our supply chain and we are committed to embedding positive change through our ambitious UP.FRONT sustainability strategy.

“As we build for the future, we continue to invest across our platform, people and technology to further cement our position as a leader in global fashion e-commerce.”

Mahmud Kamani and Carol Kane, group co-founders, said: “Over the last year the group has made great progress, delivering another set of record results despite the challenges posed by the Covid-19 pandemic. We have made significant progress on our Agenda for Change programme, with greater oversight of our supply chain, stronger governance and more transparency.”

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