Gen Z fast fashion brand Boohoo has axed more than 1,000 jobs and crashed into debt as their losses soar to £160million.
Revenues tumbled 17 per cent to £1.5 billion, which the firm blamed on its 'increased focus on profitability and difficult market conditions'. Pictured: boohooMAN CEO Samir Kamani, 28, at his brother Umar's wedding in Hotel du Cap-Eden-Roc, in the French Riviera The three-day white-themed bash concluded with a grand firework display, accompanied by belly and fire dancers, as well as a lavish Indian wedding, complete with an extravagant feast, Bollywood music, and a pool party.Mr Kamani has not had a role in Boohoo since April 2023 and paid for the wedding out of his own personal expenditure.
The results showed active customer numbers down 11% to 16 million, while average order values also fell 3% and average order frequency per year dropped 9%.The figures follow further allegations over its manufacturing practices, with a BBC Panorama investigation earlier this year revealing Boohoo mislabeled items of clothing made in South Asia as 'Made in the UK'.