Boohoo revenue and profit struggles in first half of 2022 as expectations lowered cost of living Fashion retailer Boohoo struggled in the first six months of the year with a 10 per cent decline in revenue and a 90 per cent fall in profit before tax. The beleaguered retailer’s gross profits were down 13 per cent in the first six months of the year, compared to 2021, as the firm struggled [...]
Investors to examine retailers’ books for signs of spending slump week ahead Investors will be parsing over a slew of results from top retailers for signs of a slowdown in consumer spending in response to an economic slump. London’s premier FTSE 100 index notched a poor performance last week, shedding 3.62 per cent to close at 7,018.60 points, mainly driven by a sharp sell off on Friday [...]
Boohoo charged by HMRC over recycled polybag certification Fashion faux pas The taxman has charged Boohoo Group over a lack of certification for its recycled polybag content. The fashion brand wrote to product suppliers last week saying the charge would be passed on unless they met certain conditions, according to Drapers. Boohoo was accused by HMRC of breaching recently introduced rules about plastic packaging, meaning items [...]
Asos, Boohoo and George by Asda probed by watchdog on green claims July 29, 2022 Asos, Boohoo and Asda’s clothing arm George will be investigated by the competition watchdog to work out whether their green claims are misleading shoppers. The Competition and Markets Authority (CMA) said retailers could face court action if their sustainability claims are found to be misleading. Fashion collections, such as ‘Responsible edit’ from ASOS, Boohoo’s current [...]
Fast fashion: Mike Ashley’s retail behemoth Frasers Group eyes I Saw It First July 17, 2022 Mike Ashley’s retail empire may make a swoop for I Saw It First, an online fast-fashion brand owned by Boohoo founder Jalal Kamani. According to a report in The Telegraph, Frasers Group could add I Saw It First to its list of retail takeovers within a matter of weeks. The Telegraph’s sources told the newspaper [...]
Boohoo follows in Zara’s footsteps with return fee for online orders July 12, 2022 Fast fashion retailer Boohoo has introduced a return fee of £1.99, following in the footsteps of Zara. The Manchester-based brand said it had made the decision because costs for retailers, including shipping, have increased considerably over the past few months. A Boohoo group spokesperson told The Mirror: “As the cost of shipping has increased, we’ve [...]
Stylish Stocks: Calvin and Tommy lead the way among best-performing fashion brands June 23, 2022 Even though people often associate the financial world with black suits, statistics, and little in the way of style, trading does have its fashionable side. Specifically, fashion stocks. From high-end brands such as Christian Dior and Ralph Lauren to high-street labels like Gap and Zara, retail shares are firmly on investors’ radar recently. Only yesterday, [...]
Boohoo posts first ever UK sales drop as fast fashion struggles to keep shoppers spending June 16, 2022 Boohoo has posted its first UK sales drop in the fast fashion retailer’s history, pointing to supply chain disruption and a struggle to be competitive with international players. In a trading update on Thursday, the Manchester-based retailer posted a one per cent drop in UK revenue while overall sales plunged eight per cent in the [...]
Garment workers in Leicester face ‘many constraints’ in accessing fair pay and conditions still June 13, 2022 The government must do more to tackle the exploitation of garment workers across the country, a report into Leicester workers has found. Garment workers in the city still face obstacles to fair pay and conditions, according to a study from the University of Nottingham and De Montfort University, commissioned by the Garment & Textile Workers [...]
Missguided workers eye legal action after “emotionless” redundancies May 31, 2022 Missguided workers are eyeing legal action against the fast fashion brand as it hashes out a sale. After calling in administrators yesterday, the beleaguered online retailer is facing criticism from suppliers and former employees. Law firm Aticus has said it is readying legal action after employees have claimed the redundancy process was not properly managed. [...]