Boohoo sitting pretty with 44 per cent revenue increase and customer growth

A British fashion retailer has increased its revenue by more than £300m in the past year.

Boohoo, which owns online retailers boohoo.com, Nasty Gal and PrettyLittleThing, has grown its revenue by 44 per cent, going from £856.9m in 2019 to £1,234.9 in 2020 - an increase of £378m.

During the year, the group completed the acquisition of high street retailers Karen Millen and Coast, as well as online fashion retailer MissPap.

The company increased its customer base significantly throughout the year, seeing 88 per cent more active users on its Nasty Gal site, 28 per cent more active users on its boohoo.com site, and 26 per cent more active users on its PrettyLittleThing site.

Boohoo has said that the upswing in customers and revenue is partially due to investments in customer service, larger product ranges and celebrity endorsements.

John Lyttle, CEO of Boohoo, commented: “Whilst recent events have understandably overshadowed what has been a great year for boohoo, they have also highlighted its key strengths.

“Our business is founded on our ability to be agile and flexible and it is at times like this when these abilities are tested, and I am proud of how our colleagues and business partners from around the world have responded to the challenges posed by this pandemic.

“Although there is near-term uncertainty in the markets that we operate in, the group is underpinned by its incredibly strong balance sheet and is well-placed to leverage its scalable multi-brand platform and to continue to disrupt fashion markets around the world.”