Fashion retailer Boohoo raised its sales guidance on Wednesday as it beat forecasts with a 22 percent first half profit rise, underlining Britain‘s rapid shift to online shopping.
Founded just 12 years ago in Manchester, northern England, Boohoo has expanded quickly, listing its shares in 2014 and buying the PrettyLittleThing and Nasty Gal brands last year.
British clothing retailers like Marks & Spencer and Debenhams have seen profits slump and are closing stores, but pure internet players like ASOS and Boohoo are tapping-in to a generation of consumers who shop on their mobile phones and share fashion tips via social media.
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, Nasty Gal & Miss Pap brand names.