Boohoo profit surges 100% owing to festive season sale
The Manchester-based company Boohoo records a profit surge of 100% owing to the high demand during the past festive seasons. It caters to the young generation who love to shop online through mobiles and get style ideas through social media. During the Christmas season, young women flocked the website for shopping of their festive wear, party wear, and gifts.
According to the group, which also has Prettylittlethings and Nasty Gals in the list, it recorded a sale worth 228.4 million pounds which is a 100% increase from its previous record. This profit gained is as per the calculation of last four months including the Black Friday Sales.
The USP of Boohoo is its affordable clothing catering to the style thirsty young generation who could buy lycra dresses for just 10 pounds and thigh-high boots for just 30 pounds. So people even with limited finances shopped at this website without compromising with the style.
This extraordinary performance by the Boohoo is due to the squeezed Briton’s finances owing to high inflation and slow wage growth. This condition forced the people to shop at a website that offered multiple shopping options at low budget. The company also relied upon high discounting activity which needs attention. But this is the reason it got attention of 16 to 24 years old shoppers who found it a great opportunity to satiate their style thirst.
Boohoo was set up in 2006 by Mahmud Kamani and carol Kane who are experienced in the field and used to provide merchandise to other rivals like Primark and New Look. They stated that “We are delighted to report another set of strong financial and operational results, with record sales in the four months to December across all our brands.The Black Friday period was our most successful ever. PrettyLittleThing has continued to deliver exceptional results and Nasty Gal is making excellent progress in its first year.”