Boohoo could save Oasis and Warehouse as retailer buys online businesses
Boohoo.com to the rescue!
A few weeks ago we were sad to see both highstreet favourites go into administration and their locations closing across the country. Well, the good news is we may not have to say bye to those two brands just yet.
This is big news in the fashion industry: an online fashion retailer taking over much loved stores, Oasis and Warehouse. The Guardian reports that the Manchester based company is said to have agreed to buy the online businesses for just over 5.8 million euro.
As many businesses suffered during lockdown one that flourished was online fashion retailer Boohoo, their sales were up a reported forty five percent in the last three months. I would imagine most of those sales were tracksuits!
I have definitely noticed my shopping habits changing over the last three months and Boohoo bags have filled my hallway more so than before lockdown when I was hitting the high street and not clicking items into a bag.
Boohoo is based in Manchester also owns PLT, Nasty Gal, MissPap, Karen Millen and Coast. They said the lockdown has led their customers to a more "stay-at-home lifestyle" and they've seen a huge surge in purchases of loungewear and athleisure wear.
Boohoo says that its social media strategy and "flexible supply chain", largely based in the UK, are what drives its growth, allowing the quick turnaround and promotion of what some have criticised as "fast fashion" items.
John Lyttle, Boohoo’s group chief executive said in an announcement:
“During unprecedented and challenging times the group has delivered a very strong trading and operational performance. While there is a period of uncertainty within the markets in which we operate, the group is well positioned to continue making progress towards leading the fashion e-commerce market globally.”