Skip to content 
Search

Latest Stories

Boohoo’s revenue falls amid competition from Shein

The Manchester-based retailer reports a 10 per cent drop in the sales of its core brands

Boohoo’s revenue falls amid competition from Shein

BOOHOO Group reported a 17 per cent decline in its revenue at £729.1 million for the six months to August as the fast fashion retailer warned that sales will fall by more than expected this year.

Its gross profit dived 16 per cent to £389.2m from £463.5m during the corresponding period last year amid stiff competition from its Chinese rival Shein.

Boohoo’s net debt rose to £35m from 24.6m as sales shrank after a boom online retailers enjoyed during the pandemic.

The company, co-founded by British Asian entrepreneur Mahmud Kamani, also reported a 10 per cent drop in the sales of its core brands including Pretty Little Thing, Karen Millen and Debenhams in line with prior guidance.

Its gross margin increased by just 0.9 per cent to 53.4 per cent, “despite significant reinvestment of supply chain and input cost deflation into lead times and lower prices for customers”, the Manchester-based company said on Tuesday (3).

GlobalData’s research associate Louise Déglise-Favre attributed Boohoo’s struggles largely to the rise of Shein which “continues to steal market share.”

“Shein is more agile than Boohoo and offers unbeatable low prices while keeping up with the endless stream of new micro-trends appearing on social media,” she told the Guardian.

Boohoo CEO John Lyttle revealed the group’s intention to cut costs by £125m to support its investment.

“Our confidence in the medium-term prospects for the Group remains unchanged as we execute on our key priorities where we see a clear path to improved profitability and getting back to growth," he said.

More For You

Bangladesh seeks US deal to shield garment industry from tariffs

Workers are engaged at their sewing stations in a garment factory in Savar, on the outskirts of Dhaka, on April 9, 2025. (Photo by MUNIR UZ ZAMAN/AFP via Getty Images)

Bangladesh seeks US deal to shield garment industry from tariffs

BANGLADESH, the world's second-biggest garment manufacturer, aims to strike a trade deal with the US before Donald Trump's punishing tariffs kick in next week, said the country's top commerce official.

Dhaka is proposing to buy Boeing planes and boost imports of US wheat, cotton and oil in a bid to reduce the trade deficit, which Trump used as the reason for imposing painful levies in his "Liberation Day" announcement.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Bond yields ease following Starmer’s support for Reeves

THE COST of UK government borrowing fell on Thursday, partially reversing the rise seen after Chancellor Rachel Reeves became emotional during Prime Minister’s Questions.

The yield on 10-year government bonds dropped to 4.55 per cent, down from 4.61 per cent the previous day. The pound also recovered slightly to $1.3668 (around £1.00), though it did not regain all its earlier losses.

Keep ReadingShow less
modi-trump-getty
Modi shakes hands with Trump before a meeting at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)
Getty Images

Indian exporters watch closely as Trump says trade deal with India likely

THE US could reach a trade deal with India that would help American companies compete more easily in the Indian market and reduce tariff rates, President Donald Trump said on Tuesday. However, he cast doubt on a similar deal with Japan.

Speaking to reporters on Air Force One, Trump said he believed India was ready to lower trade barriers, potentially paving the way for an agreement that would avoid the 26 per cent tariff rate he had announced on April 2 and paused until July 9.

Keep ReadingShow less
Kolhapuri sandal sales surge in India post Prada controversy

Customers shop for 'Kolhapuri' sandals, an Indian ethnic footwear, at a store in New Delhi, India, June 27, 2025. REUTERS/Adnan Abidi

Kolhapuri sandal sales surge in India post Prada controversy

INDIAN footwear sellers and artisans are tapping into nationalist pride stoked by the Prada 'sandal scandal' in a bid to boost sales of ethnic slippers with history dating back to the 12th century, raising hopes of reviving a struggling craft.

Sales are surging over the past week for the 'Kolhapuri' sandals that have garnered global attention after Prada sparked a controversy by showcasing similar designs in Milan, without initially crediting the footwear's origins.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy grew 0.7 per cent in Q1 2025, fastest in a year

THE UK economy expanded at its fastest pace in a year during the first quarter of 2025, driven by a rise in home purchases ahead of a tax deadline and higher manufacturing output before the introduction of new US import tariffs.

Gross domestic product rose by 0.7 per cent in the January-to-March period, the Office for National Statistics (ONS) said, confirming its earlier estimate. This was the strongest quarterly growth since the first quarter of 2024.

Keep ReadingShow less