In a challenging market, fast-fashion etailer Boohoo continues to set the pace.
The pureplay, which fashioned a stonking 106% sales rise in the three months to May 31, aimed to raise £50m through the listing of new shares, and did so within hours.
Joint bosses Carol Kane and Mahmud Kamani are putting the cash to good use, building a new 600,000 sq ft warehouse.
The “automated super-site”, as the etailer dubs it, is likely to cost around £150m but will give Boohoo more than £1.5bn of net sales capacity.
If Boohoo’s rivals – the likes of New Look, Missguided, Asos and Primark – weren’t worried before, they should be now.
Election 2017
Meanwhile, to mark yet another election day in the UK, Retail Week has put together its own tongue-in-cheek version of the cabinet, consisting entirely of retailers.
Who, in the industry, do you think would be best suited to the role of Prime Minister?
Quote of the day
“We remain excited about the Poundland acquisition providing the general merchandise business with the necessary scale in the UK. Poundland is trading ahead of expectations with continuing positive like-for-like revenue growth.”
– Steinhoff chief executive Markus Jooste commenting on the group’s Poundland acquisition
Today in numbers
€1.86m
Uniqlo’s full-year pre-tax loss after the fashion chain’s bottom line was hit by the weakening euro against the dollar
57
The number of loss-making Poundland stores its owner Steinhoff shuttered in the six months to March 31
Tomorrow’s agenda
Aside from the results of the general election, there are no planned updates tomorrow.
Emily Hardy, senior reporter
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