Mahmud Kamani (left) and Carol Kane (right)
Manchesters, Online fast fashion retailer Boohoo has raised £50m to construction a new warehouse so it can keep up with high demands.
Boohoo, which is one of the fastest-growing apparel companies, says the new warehouse, is expected to cost over £150 million to build over over the next few years, will be roughly around 600,000 sq. ft.
The company has been scaling and increasing sales with their recent acquisitions of US retail company Nasty Gal and Pretty Little Thing. Total revenue in the first quarter of fiscal 2017 increased over 105 percent to roughly £120 million. The company mentioned that revenue for Nasty Gal and Prettylittlething has seen increased growth since the acquisition.
According to Manchester Evening News, Joint chief executives Mahmud Kamani and Carol Kane said: “Our performance in the first quarter has been very encouraging across all brands and geographic regions.
“While it is early in the financial year, boohoo continues to perform well and PrettyLittleThing delivered exceptionally strong revenue growth in the first quarter as it continues to expand its young female customer base.
“Nasty Gal has made a promising start since we acquired the brand, with revenues growing strongly month-on-month, as we increased the product range.”
Source: Manchester Evening News
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