>> While some fashion retailers shut down stores, there is fresh evidence today that online shops are sweeping up customers at a rapid rate. Fashion retailer boohoo.com on Wednesday annouced a 22% first half profit rise. The news boosted the company's value to almost 2.4 billion pounds, that's some 20 times the value of the 240 year old store Debanams.
Boohoo which was founded just 12 years ago in northern England, has expanded quickly. It sells own brand clothing, shoes and accessories, largely focusing on 16 to 30 year olds. In 2014, Boohoo listed its shares, then last year, it bought the PrettyLittleThing and Nasty Gal brands, both of which are also online fashion shops.
Boohoo is also making big games in social media with 200% more followers on Instagram than this time last year. If that suggest, it knows how to tap into a new generation of consumers. Then it's another warning for the big names on the high street.