Almost everywhere we turn there are proclamations of retail doom, high street downfall and talk that things have never been so tough. Just last month, the fashion retailer Select announced that it was preparing to call in the administrators, putting 2,000 jobs at risk.
It is true that the competitive landscape is tough, with the high street full of retailers vying for a share of customers’ purses. There is also the pressure on costs, with raw material prices impacting intake margins, and profit margins are under pressure with growing online sales driving higher and higher levels of returns.
Looking at the rise of online young fashion brands like Missguided, Boohoo and Pretty Little Thing, they have emerged from virtually nowhere to challenge the high street fashion stalwarts. These brands have successfully tapped into demand for ‘fashion now’ clothing and ensured that their supply chains and sourcing bases are equipped to deliver the short lead time, fast turn-around trends that stimulate customer interest.
Boohoo Group PLC (LON:BOO) operates as an online fashion retailer in the United Kingdom, rest of Europe, the United States, and internationally. The company also provides its products under the boohoo, boohooMAN, PrettyLittleThing, and Nasty Gal brand names.