Sales of 'going out' clothes drops but loungewear demand up at Boohoo
Lockdown has changed what people are buying
Online retailer Boohoo have reported a change in what people are buying as lockdown and home working means fewer sales of 'going out' clothes but a big rise in activewear and leisurewear.
The fashion giant reported a 41% surge in revenues as it benefited from the online shopping boom during lockdown.
The company said revenues jumped to ÂŁ1.74 billion in the year to February 28 from ÂŁ1.23 billion the previous year.
What clothes were people buying during lockdown?
Boohoo's said that while there was a bigger demand from customers shopping from home during lockdown measures, the pandemic meant that people's buying habits changed.
Their financial report showed their core categories such as dresses and going-out clothing saw 'significant declines'.
However the retailer said they saw a bigger demand for activewear, loungewear and tops, due to an increase in home working.
Boohoo have bought some big High Street names recently
The company told shareholders on Wednesday morning that pre-tax profits lifted by 35% to ÂŁ124.7 million.
The group said it was helped by the “successful integration” of the Oasis and Warehouse brands it bought out of administration last year.
Earlier this year, the group also snapped up the Debenhams, Dorothy Perkins, Burton and Wallis after their owners tumbled into insolvency.
John Lyttle, chief executive of Boohoo, said: “Our newly acquired brands are being re-energised and made relevant for today’s consumer across a broader market demographic.
“We are very excited about their potential and are already seeing the early rewards from their growth.”
Who owns which shops?
Burtons and Dorothy Perkins
Online retailer Boohoo have bought both the Dorothy Perkins and Burton brands from Arcadia group. They haven't taken the actual shops though, which will permanently close.
Wallis
Fashion brand Wallis was also part of the ÂŁ25.2 million deal that Boohoo made for parts of the Arcadia group, including Burton and Dorothy Perkins, which mean the Wallis shops will also leave the High Street.
Topshop & Topman
ASOS have bought this part of the failed Arcadia group, paying ÂŁ292 million for brands including Topshop and Topman. The shops themselves were not part of the deal though, so it looks like they will close.
Miss Selfridge
Miss Selfridge was another one of the brands that ASOS bought alongside Topshop, Topman and HIIT and will also mean the shops will close.
Debenhams
Boohoo have also bought the Debenhams in a ÂŁ55 million deal which saw the company's 242-year-old name survive but all 118 stores shut.
Oasis and Warehouse
Boohoo have been expanding for the last few years - in 2020 they bought Oasis and Warehouse's online element for ÂŁ5.25 million as the shops had already closed.
Karen Millen & Coast
Boohoo also bought the brands Karen Millen and Coast in 2019 when it went into administration and stores closed.