Online fashion retailer boohoo.com has announced its interim results for the six months to 31 August, reporting a 106% increase in revenue and a 99% increase in gross profit.
The boohoo.com group, which is based in Manchester, operates fashion brands boohoo, boohooMAN, PrettyLittleThing and Nasty Gal, selling clothing, shoes, accessories and beauty products targeted at 16-30 year old consumers.
PrettyLittleThing saw revenue reach £72.7m, up 289% on the previous year. Nasty Gal, which was acquired by the boohoo group in February 2017, has reported revenue of £8.4m, increasing month-on-month from March this year.
Mahmud Kamani and Carol Kane, joint CEOs, said: "We are pleased to report excellent progress for the group in the first half of the year across all our brands. boohoo's revenue has continued to grow across all geographies, with international growth being strongest as we continue to increase our market share overseas, and the newly acquired PrettyLittleThing brand has exceeded our growth expectations.
“PrettyLittleThing is fast gaining recognition amongst our target consumers as a highly desirable fashion brand in the UK, and its international growth is very encouraging, confirming its considerable potential. boohooMan has also performed very well, with high growth rates in the UK and overseas. Nasty Gal was rebuilt by us from virtually a zero base after acquisition in March this year and it is growing well month-on-month.
“The integration of the two new brands has been successful, adding diversity to our business whilst enabling us to draw upon our strengths in marketing, sourcing, operations and customer service to deliver profitable results and greatly increasing the group's potential.
“We have continued to make significant investment in IT infrastructure and warehouse capacity to ensure stable and sustained execution of the group's growth strategy and plans are progressing well for the next phase of longer term requirements for warehouse capacity.
“We will continue to invest in the customer proposition, further develop our brands and maximise the considerable opportunities that a global marketplace affords us. The strong performance in the first half-year and our expectations for the second half have given us confidence to raise guidance for the full year."
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