Online fashion giant Boohoo today revealed a 41% surge in sales it raked in huge sims on the back of the online shopping boom during with Britons spending millions on lounge and sportswear while stuck at home.The retailer, founded by billionaire Mahmud Kamani, said revenues jumped to £1.74 billion in the year to February 28 2021 from £1.23 billion in the previous year. The fast fashion retailer, which recently bought Debenhams, Dorothy Perkins, Burton and Wallis and was rocked by the Leicester sweatshop scandal, told shareholders on Wednesday morning that pre-tax profits were also lifted by 35% to £124.7 million because of the sales explosion caused by the pandemic.Due to people being stuck at home sales of formal outfits for work were lower than usual, men's brand leather shoes but revenues in the 'activewear' and 'casualwear' categories have exploded upwards with sales in clothes for social events expected to increase sharply in 2021.Boohoo has also said it is seeing 'early rewards' after snapping up Debenhams and three Arcadia brands in rescue deals as it unveiled strong trading for the past year. This week it was revealed Britons splashed £93billion on online shopping in 2020 alone - up from £64billion in 2019, according to the , as Britain's shuttered high streets were decimated by the pandemic. ![]()
The fast-fashion retailer - owned by Mahmud Kamani (pictured left with Snoop Dogg, Boohoo CEO Carol Kane and his son Samir Kamani in 2018) - bought Dorothy Perkins, Wallis and Burton for £25m, weeks after purchasing Debenhams, and has now reported record £1.7bn revenues ![]()
The fast fashion retailer, who bough Debenhams last year and was rocked by the Leicester sweatshop scandal, told shareholders on Wednesday morning that pre-tax profits were also lifted by 35% to £124.7 million because of the sales explosion caused by the pandemic ![]()
Boohoo has enjoyed a landslide of sales as Britons were stuck at home in lockdown ![]()
Boohoo had its reputation badly damaged following revelations that its suppliers used Leicester sweatshops to produce cheap clothing during lockdown (pictured) RELATED ARTICLES Share this article Share John Lyttle, chief executive officer of Boohoo, said: men's brand leather shoes 'Full-year 2021 has been a year of significant investment for the group as we build a platform for the future and I am very pleased to report a strong financial performance.'We completed over £250 million of acquisitions in the period, which included Oasis, Warehouse, Debenhams, Dorothy Perkins, Burton and Wallis, as well as the purchase of the remaining minority interest in PrettyLittleThing in a transaction that, to date, has resulted in substantial earnings enhancement for the group's shareholders.<div class="art-ins mol-factbox news floatRHS" data-version="2" id="mol-4bc09a50-ad73-11eb-a547-b3d80c089996" website £1.7BILLION boom: Online fashion giant's sales soared by 41%
