The figuresBoohoo’s global revenue rose 39 per cent in the three months to 31 May, reaching £254.3m. Revenue growth in Britain rose 27 per cent, while abroad it soared 57 per cent.
Why it’s interestingBoohoo’s meteoric rise underlines the popularity of online shopping, while high street retail companies such as Philip Green’s Arcadia, which owns Topshop, face restructuring just to survive. But the fast fashion retailer has had its fair share of controversy, with the Union of Shop, Distributive and Allied Workers (Usdaw) claiming Boohoo has not done enough to give its workers an independent voice last week. Meanwhile, MPs have also criticised the firm in their inquiry into the sustainability of the fashion industry, saying “throwaway fast fashion is having a huge environmental impact” last month. Boohoo also owns fashion retail brands Pretty Little Thing and Nasty Gal.
Brewin Dolphin investment manager John Moore said: “Boohoo is a timely reminder that, with the right approach, there is still a place for a carefully-considered and marketed retail offering that knows its customers and how to provide products they want.”