Posted on April 24, 2019 by staff

Boohoo revenue reaches £857m


Online fashion group boohoo has posted revenues of £856.9 million as part of its latest results.

For the year ended 28th February 2019 the company achieved a 48 per cent increase in revenue from £579.8m in 2018.

International sales were up 64 per cent while those generated in the UK grew 37 per cent.

Overall profit before tax for the group was up 38 per cent to almost £60m.

Founded in 2006 in Manchester, the boohoo group includes, boohooMAN and acquired brands PrettyLittleThing, Nasty Gal and Miss Pap.

It now has 13 million customer accounts across all its brands.

The group said its success was in part due to investment in new technology, having added visual search to the boohooMAN app and a new chatbot for PrettyLittleThing, which saw its revenue more than double within the group.

The company said it would continue to make investments across the group to fulfil its vision to become “the global fashion eCommerce market”.

Having joined the business in March, new and CEO ex-Primark figure John Lyttle said it was an exciting time to be part of the business.

“I am very excited to have joined the boohoo Group at this key stage of its growth, with the group’s disruptive and proven business model having delivered yet another excellent set of financial and operational results,” he said.

“In my short time within the business, I am delighted to have been able to meet a number of hugely talented people and have already been able to see many parts of the business.

“This has confirmed my belief and optimism that the group’s investments into its brands and infrastructure have allowed it to develop a scalable multi-brand platform that is well-positioned to disrupt, gain market share and capitalise on what is a truly global opportunity.”