UK online fast fashion retailer Boohoo Group is set to acquire the global rights to the Debenhams brands and its websites in a GBP55m (US$75.2m) deal as it steps closer to achieving its goal of creating the UK s largest marketplace. The move will help it grow into new categories including beauty, sport, and homeware and raises the question of the relevance of traditional department stores in a post-pandemic environment.
Get full access to all content,
just $1 for 30 days
A Message From The Editor
just-style gives you the widest apparel and textile market coverage.
Paid just-style members have unlimited access to all our exclusive content - including 21 years of archives.
Boohoo Group has raised its revenue guidance for the full year after posting a 40% sales hike for the four months to the end of December. Analysts note the fast fashion retailer has benefitted from further non-essential store closures in the UK which have renewed the shift of shopping online and hail its agility in pivoting away from partywear to the more resilient categories of athleisure and loungewear. related to Apparel, Finance, Footwear, Retail, Social & environmental responsibility, Sourcing, Boohoo,
UK online fast fashion retailer Boohoo Group has raised its revenue guidance for the full year on the back of strong peak trading which lead to a 40% rise in group sales for the four months to the end of December. related to Apparel, Finance, Footwear, Retail, Social & environmental responsibility, Sourcing, Boohoo,
Marks and Spencer has said trading was robust over the Christmas period, but rising demand for food failed to offset a big slump in clothes sales.
Its tie-up with Ocado helped online food sales grow, but November s lockdown and tier restrictions across the country had a negative impact on both clothes and food sales.
The retailer also warned that, despite Britain signing a free trade agreement with the EU, it could still face potential tariffs and complex paperwork that will significantly impact its stores in Europe.
Marks and Spencer s clothing division saw sales tumble 24% during the Christmas quarter
UK like-for-like food sales rose 2.6 per cent in the quarter, but clothing and home sales dipped 24.1 per cent, resulting in overall UK sales dropping by 7.6 per cent.