BOOHOO BOOMS AND PRIMARK PLUMMETS – HOW HAS CORONAVIRUS REALLY AFFECTED FAST FASHION?
The coronavirus pandemic has thrown much of the world into chaos, with many sectors facing fundamental and irreversible change. The future success, or failure, of a business is now dependent on how each responds to the crisis as a whole and adapts to behavioural shifts in clientele.
One industry has been noticeably impacted – and that’s fashion. The fashion industry was forced to shift its focus to a ‘locked-down’ market as soon as the crisis began, switching all sales from in-store to online at the drop of a hat. Brands like New Look, ASOS, and Boohoo started to push leisurewear and pyjamas at the front of their websites, taking advantage of those of us lounging around on the sofa all day. Where you would normally find summer dresses, chunky heels and bikinis ahead of the summer holiday period, you’ll now see slippers, tracksuit bottoms, and chunky knitwear.
For fast fashion brand Boohoo.com, the pandemic has started to pay off. The company’s share price dipped along with the rest of the stock market post-lockdown, but it’s one of the only FTSE companies to have done well since. Boohoo hasn’t just recovered – it’s now in a better position than it was in throughout the previous fiscal year. Boohoo’s billionaire owner Mahmud Kamani is now believed to be eyeing up failing businesses, much like when the company acquired other struggling high street brands like Karen Millen and Coast last year.
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