"Record" £976m of sales for Boohoo leads to US expansion

Almost £1bn of sales in the first financial half has enabled Boohoo to further its US growth.

According to the London stock exchange, Boohoo has doubled its market share in the UK and US over the last two years.

Total group sales are up 73 per cent since the first half of the financial year 2020.

Boohoo also claims to have increased its addressable market to 500 million potential customers in key markets.

Following the growth of the business Boohoo has also committed to opening a new distribution centre in North America in 2023.

John Lyttle, Group CEO, commented: “Looking back over the last 18 months the Group has delivered an excellent operational and robust financial performance, and that is a testament to all who have helped deliver this.

“We are delighted to have doubled our market share in key markets such as the UK and US, have significantly expanded our target addressable market through selective acquisitions and are excited about the global potential for all of our brands.

In the first half of this financial year, our teams have yet again delivered: integrating four new brands, launching two new warehouses and strengthening our infrastructure in a manner that will allow our multi-brand platform to scale as planned.“