UK online fashion specialist boohoo continues its momentum. After 97% growth over the last financial year, the e-merchant recorded sales up 53% for the first three months of its new fiscal year (52% excluding currency effects), with a particularly remarkable performance of PrettyLittleThing.
An objective of optimal profitability
His ambition? "To become the world's number one" in fashion, ironically its founders, Carol Kane and Mahmud Kamani, making fun of the Gargantua sector. In the United Kingdom, the group founded in 2006 in Manchester has emerged behind the American Amazon and Asos, another darling of British online fashion. His IPO in 2014 allowed him to fund and "roll out" a development plan, says Kane. It was first in Australia, then in New Zealand and finally in the United States, when the acquisition of the American brand Nasty Gal for 20 million dollars (17 million euros) in 2017.
This time, Boohoo crossed the English Channel, rode a team around Nicolas Perignon, a former La Redoute and Asos, while preparing his arrival in Germany. The offensive of the one who doubled its turnover last year (650 million euros) surprises, so much the French market goes through a crisis unprecedented for ten years.
The mini "Zara of the Web" British aims a billion euros of turnover
Against and against Brexit and Amazon who even dominate fashion on the Internet, Carol Kane keeps smiling. The leader of Boohoo.com, a low-priced online English fashion seller, has a great ambition: to make the Manchester-based company in 2006 the "online fashion leader for 16- to 30-year-olds". For women and men, whom he has just been addressing. Sales are expected to increase from £ 579.8 million (£ 657.3 million) to £ 1 billion. Driven by 9.8 million customers, it doubled over its last year for a gross operating surplus of 56.9 million pounds (+ 60%). Boohoo has invested in logistics and technology to have the capacity to realize 3 billion pounds of turnover. Boohoo continue to invest in developing a distribution network capable of securing nearly 3 billion pounds of sales around the world.
So, the group's results are consistent with our ambition to be one of the largest online resellers, and our profitability drive continues to generate higher margins than our competitors, "said the group's two co-founders, Mahmud Kamani and Carol Kane.