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Boohoo faces shareholder backlash over new growth share plan

Boohoo’s newly outlined growth share strategy was received with hesitancy at its general meeting, with 37 percent of shareholders voting against the implementation of the plan. With the rest on board, the fast fashion group is set to go ahead with the plans anyway, however in a regulatory filing it noted that its Remuneration Committee would...

9 Mar 2023

BusinessFeatured

Boohoo unveils growth plan in light of ‘unprecedented’ headwinds

As a response to unprecedented macroeconomic and market headwinds, Boohoo has unveiled a new Growth Plan in a bid to drive long-term sustainable growth and rebuild shareholder value. In a regulatory filing, the retail group said its market capitalisation had significantly decreased due to the current market conditions, resulting in the...

16 Feb 2023

BusinessFeatured

Boohoo sales drop 11 percent over Christmas trading period

British fashion giant Boohoo Group has reported an 11 percent drop in sales in the important Christmas trading period, which it said was in line with expectation. Group sales came in at 637.7 million pounds for the four months to December 31, down from the 714.5 million pounds it reported a year earlier. Compared to FY20 levels, however, sales...

19 Jan 2023

Business

Boohoo Group plans job cuts at London office

British fashion giant Boohoo Group is planning to cut jobs at its office in London’s Soho. A spokesperson for the Manchester-based group told FashionUnited that a consultation phase is underway but a decision on the exact number of job cuts has not yet been made. The Times reported that the retailer is consulting on more than 100 redundancies,...

11 Jan 2023

BusinessFeatured

Under Boohoo ownership, Arcadia brands and Debenhams remain unprofitable

When fast fashion chain Boohoo acquired Debenhams in 2021 there was little inclination to restore the department store to its former glory. Instead Boohoo bought its brand equity, the Debenhams website and customer base, for 50 million pounds. But like other brands under Boohoo’s portfolio, which include former Arcadia Group’s Dorothy Perkins,...

15 Dec 2022

Business

Boohoo to close Wellingborough distribution centre in January

Fast fashion group Boohoo is set to close its distribution centre in Wellingborough in North Northamptonshire in the new year, impacting around 420 jobs. Boohoo has invested in three of its distribution centres over the past few years - in Burnley, Daventry, and Sheffield - creating increased capacity to manage its growing portfolio of brands. “...

12 Dec 2022

Business

Boohoo enters Indian market through Myntra partnership

British fashion retail group Boohoo has entered the Indian market for the first time via a partnership with the region’s multi brand platform Myntra. As part of the launch, three of the group’s owned brands – Boohoo, Dorothy Perkins and Nasty Gal – are now available to shop through the site, offering over 1,500 goods across a multitude of...

1 Dec 2022

Business

Boohoo doubles stake in Revolution Beauty becoming largest single shareholder

Fast fashion group Boohoo has increased its stake in Revolution Beauty by over 25 percent as the brand continues an investigation into its audit reporting. The retailer has upped its investment from 12.8 percent to 26.4 percent, making it the beauty brand’s largest single shareholder. In a regulatory filing, Boohoo said the investment reflected...

29 Nov 2022

Fashion Featured

Boohoo responds to fresh reports of poor warehouse working conditions

Fast fashion giant Boohoo has once again found itself responding to reports of poor working conditions at one of its UK warehouses. Workers at the group’s site in Burnley, Lancashire say they work like “slaves” and are subjected to racism, sexual harassment, and ill-fitting safety equipment, according to an undercover investigation by The Times...

24 Nov 2022

Business

Credit insurers reportedly cut cover for Boohoo suppliers as consumer demand declines

Credit insurer Allianz Trade is said to have reduced its cover for suppliers linked to Boohoo Group, as the retailer continues to report falling profits amid a challenging trading environment. According to Drapers, the reduction will impact all of the group’s suppliers, however exact amounts may vary. The publication said that the decision was...

8 Nov 2022

Business

Boohoo to boost US business through DHL partnership

Fast fashion retailer Boohoo is looking to continue growing in the US through a new partnership with logistics company DHL. The firm, which is part of Deutsche Post DHL Group, has been selected by the fashion group to manage its first US-based distribution centre, through which it will support the company’s expansion in the region. Based in...

28 Oct 2022

Business

JP Morgan becomes second largest shareholder in Boohoo

Global investment giant JP Morgan has snapped up more shares in Boohoo, making it the fast fashion retailer’s second largest shareholder. The firm has acquired a 5.1 percent stake in the group, according to a document filed with the London Stock Exchange. The move means JP Morgan is now the largest institutional investor in the Manchester-based...

21 Oct 2022