The decline of Boohoo, the fast fashion empire [Yahoo! Finance]
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Source: Yahoo! Finance
Anthony Joshua, performances from Mariah Carey, and Andrea Bocelli serenading the bride with a full orchestra as she walked down the aisle. But results posted this week make Boohoo heir Umar Kamani's £20m extravaganza look like a convenient – if expensive – distraction. The megabrand that put fast fashion on the map appears to be in freefall: losses have grown 76 per cent, more than 1,000 jobs have been cut, and shares are worth less than a tenth of their 2020 value. Boohoo was co-founded by Mamud Kamani and Carole Kane in 2006. The retailer now owns Pretty Little Thing (created by two of Kamani's three sons, Umar and Adam), along with Debenhams, Karen Millen, Coast, Dorothy Perkins and Warehouse. Its current situation is the result of “difficult market conditions, caused by high levels of inflation and weakened consumer demand”, according to John Lyttle, its chief executive. Lyttle said that £125m of cost-cutting measures would follow – including axing the staff who spent the wee
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