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Boohoo dives into debt as losses soar to £160m and sales slump
Online fashion retailer cut over 1,000 jobs in year to February amid competition from rival Shein and resurgent high street
Boohoo has cut more than 1,000 jobs and dived into debt after its losses soared and sales slumped 13% amid heavy competition from the Chinese online seller Shein and the revival of the high street after the pandemic lockdowns. If they had hit that level, Umar Kamani and his fellow Pretty Little Thing investors would have received about £79m in stock this year, just ahead of his four-day wedding last weekend on the French Riviera involving performances from Andrea Bocelli and Mariah Carey. The company said: “While trading conditions have remained challenging due to cost inflation, uncertain consumer demand and normalisation of the channel shift online, the group has a strong business model and clear strategy which it is focused on executing to unlock market share.”
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