Boohoo says that its social media strategy and "flexible supply chain", largely based in the UK, are what drives its growth, allowing the quick turnaround and promotion of what some have criticised as "fast fashion" items.
Online retailer, and Boohoo competitor, Asos previously said it had seen a downturn in demand since the Covid outbreak. It has revamped its social media strategy and announced a share sale in April in a bid to turn around its fortunes.
On the High Street retailers in the UK were facing a tough environment before the crisis, due to rising costs and changes in people's shopping habits. But the temporary closure of many shops, which have since reopened in England and Northern Ireland, heaped more pressure on retailers.
Sophie Lund-Yates, equity analyst at Hargreaves Lansdown, said Boohoo's own latest purchases would need refreshing: "It's up to Boohoo to rejuvenate [Oasis and Warehouse] and hope they resonate well with its traditionally younger, more fashion forward customer base. Boohoo, founded in , sells fashion, beauty and products and shoes aimed at 16 to year-olds. The brand is popular with young women in particular, who it targets with marketing campaigns using Instagram influencers and Love Island contestants.
It was founded by US businesswoman Sophia Amoruso who is widely credited with popularising the term "girl boss". Separately, Boohoo predicted "another year of strong profitable growth" which would outdo analysts' expectations.
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