business news

UK online retailer exceeds £1billion revenue mark in the last 12 months

UK online retailer exceeds £1billion revenue mark in the last 12 months
UK online retailer exceeds £1billion revenue mark in the last 12 months
Boohoo, an online clothing retailer that targets 16 to 30-year-olds as its users, has grown on a very fast pace in the first 6 months of the fiscal year. The startup has added more brands to its database which has fueled its growth.

According to a report released, the company has seen a 43% rise in revenue from January to August 2019. The report also stated the company had a 45% rise in pre-tax profits which amounted to £51.8 million.

According to the reports, the UK based company surpassed £1 billion in the last 12 months which has never happened since the company was founded in 2006.

The clothing company purchased MissPap which is a womenswear brand founded in 2014. MissPap recently signed a deal with Amber Gill who won Love Island. 

MissPap has been a really good investment from the online retailer since it went live in April and boosted the company’s revenue.

Karen Millen, a premium brand has been exclusively been selling on Boohoo since the company bought its rights to sell online.

According to the company’s analysis, the company is looking to see a rise in revenue by 36 to 38 percent for this fiscal.