Boohoo expands as sales grow during lockdown
Boohoo, the online fashion retailer with a major distribution hub in Burnley, has purchased the Oasis and Warehouse brands for £5.25m. The two brands, which had be owned by Hilco Capital, went into administration in April.
The news comes as boohoo announced bumper sales for the three months to May 31, 2020. Group income grew by 45 per cent up to £368m, with USA its fastest growing market.
The company said: "In these unprecedented and difficult times we are pleased to report that our first quarter trading has been very strong. This has been achieved during a global pandemic where our first priority has been, and will continue to be, to ensure the health, safety and wellbeing of all our colleagues, customers and suppliers around the world.
"The group entered the year with sustained momentum from a strong finish to its previous financial year. Trading in the middle of March through to early April was mixed, as a result of the impact of the Covid-19 pandemic, initially with a marked decrease in year-on-year growth. Performance across all of our brands and geographies improved throughout April, with a robust performance delivered in May.
"In line with previous acquisitions, the group will, in the coming months, integrate Oasis and Warehouse onto its platform, allowing both brands to benefit from the group’s insight, infrastructure, supply chain and operating model."
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