Boohoo’s trading update on Tuesday showed that the pureplay e-tailer continued to prosper in Q1, even after UK physical stores reopened in April, although there were challenges in some markets and margins were squeezed.
The grave state of physical retail, and fashion retail in particular, surfaced Wednesday as a report showed over 11,000 UK stores disappeared last year. Darker still, a further 18,000 stores could close this year.
Manchester-based Boohoo Group is seeking to expand its office presence in London following recent acquisitions of the online business of London-based Debenhams and Arcadia labels Dorothy Perkins, Wallis and Burton.
As Boohoo expands by acquisition and battles its way back from supplier scandals, the company has told its UK suppliers that they need to bring all of the work they do for it in-house by early next month.
Boohoo has concluded a deal to buy the remaining Arcadia brands that hadn’t been take over by ASOS and City Chic. It’s paying £25.2m to acquire the three “British heritage brands” out of administration.