UK sales rose to £180m in the last four months of 2018
Following a bitter sales battle between retailers last Christmas, fast-fashion phenomenon Boohoo.com emerged triumphant.
The Manchester-based online retailer, which first began trading in 2006, is reportedly celebrating a ‘44%’ sales surge after a strong December. The clothing group is said to have 'bucked the trend' of a widespread retail slump, affecting the likes of Primark and ASOS.
According to The Guardian, Boohoo.com's UK sales rose ‘by a third to £180m over the last four months of 2018', and total group sales witnessed an increased revenue of £328 million in the same time period.
This comes after retail rival, ASOS.com, ‘issued an unexpected profit warning after a poor November', The Guardian reports.
The case couldn’t be more different for the physical high street.
Though an over-saturated market (with more than ten established fast-fashion brands in Manchester alone), Boohoo.com continues to crack the 16 - 30 audience with its cheap and trend-led clothing. Now estimated to be worth just over 2 billion pounds, the group also owns youth-focused brands Pretty Little Thing and Nasty Gal - both of which have seen a 95% sales increase.
The case couldn’t be more different for the physical high street.
Overall, 2018 was a bleak year for major chains. House of Fraser fell into administration, threatening the status of its Manchester flagship. Next and Debenhams suffered low performances and Marks & Spencer, a cornerstone retailer on the British high street, recently announced plans to axe seventeen stores risking 1000 jobs.
These reports make Boohoo's success even more admirable - and, for the most part, unprecedented. Bosses Mahmud Kamani and Carol Kane are 'delighted' and believe 'global growth opportunity is significant'.
