- Friday, April 19, 2024
By: Radhakrishna N S
BOOHOO’S deals with celebrities have helped the British online fashion firm to push its annual sales above the £1-billion mark for the first time on Wednesday (25).
The Manchester-based company’s sales were slightly boosted by social media favourite Amber Gill, 23, who was paid £1 million to promote its MissPap brand.
Asian-origin Mahmud Kamani’s firm now spends around £50m a year on contracts with celebrities, including England footballer Dele Alli, actress Emily Ratajkowski, and US rapper Em Saweetie.
The online operator recorded a 43 per cent rise in revenues to £564m for the six months to the end of August.
During this period, profits jumped £20m to £45.2m.
John Lyttle, Boohoo Chief Executive Officer, said: “It has been a fantastic first half of the year for the group. We have delivered significant market share gains across all of our key markets, and for the first time in our history, revenue has exceeded £1 bn in the last 12 months.
“We have delivered strong growth and operating leverage in our more established brands and will continue to invest in both our more established and newly-acquired brands.”
Boohoo recorded a strong demand for its products abroad, especially in the US, where its customers focused on PrettyLittleThing, Boohoo, and NastyGal to purchase more.
PrettyLittleThing’s revenue rose 41 per cent to £237.6m, with the US and French markets performing particularly well.
Revenue under the Nasty Gal brand rose 148 per cent to £43.9m with significant growth in the US and the UK.
Boohoo was set up by Carol Kane and Mahmud Kamani in 2006.
The company is now worth £3.1bn.
Kamani’s business purchased upmarket brands Karen Millen and Coast last month, as well as MissPap in March.
The online retailer acquired Karen Millen’s brand and website, but not its stores.
