Boohoo Group today reported a record Black Friday performance, after a weekend in which it has discounted generously.
Boohoo Group said in a trading statement today that business had remained strong across its key brands since the first half of its financial year. It pointed to a “record performance” over the Black Friday weekend and said that its warehouses had had a “strong operational performance”.
At the time of writing, Boohoo is currently running a 30% off everything Cyber Monday campaign, while Coast and Karen Millen are both offering up to 60% plus 10% off everything.
The group also said that its new brands had now been successfully integrated onto its platform.
The online retailer has expanded over the last year by adding the Karen Millen and Coast retail brands to its business in the summer, following its acquisition of MissPap in March.
That adds to a stable that already included its original brand boohoo.com, which it founded in 2006, subsequently adding boohooMAN. In 2017 it also bought Pretty Little Thing and Nasty Gal.
“Initial ranges have been very well received and we continue to broaden our product ranges as we progress our multi-brand strategy,” said Boohoo Group.
Boohoo is a Top100 retailer in IRUK Top500 research, while Karen Millen is Top50 and Coast is Top250.
Our view: The challenge for fashion businesses this Black Friday will have been to stay profitable while offering generous enough discounts to attract customers. Boohoo’s discounting has probably kept it in the mid-ground. Over the weekend just gone New Look offered 25% off everything while Gap offered 50% off everything and Asos offered discounts of up to 70% off.
Now the challenge will be to keep sales buoyant through December, at a time when many shoppers may already have spent much of their Christmas budgets.