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<ul class="summary-list"><li><strong>British <keyword id="1756943" type="ORGANIZATION" weightage="60" keywordseo="Fast-Fashion">fast fashion</keyword> retailer <keyword id="4275684" type="PERSON" weightage="60" keywordseo="boohoo">Boohoo</keyword> earned £816.5 million ($1.05 billion) in sales in the six months to August 31, it reported on Wednesday.</strong></li><li>Boohoo’s international popularity is growing rapidly: Sales in the US nearly doubled compared to the same time last year.</li><li>Nearly half of the group’s sales are now made outside of the UK.</li><li>Recent allegations of <a href="https://www.businessinsider.com/boohoo-ignored-pay-and-working-conditions-red-flags-review-2020-9">"lockdown breaches, exploitation, and modern slavery”</a> among its suppliers don’t seem to have dented sales. Boohoo said it has a “highly positive outlook” for the future.</li></ul><p>British fast <keyword id="6" type="ENTERTAINMENT" weightage="60" keywordseo="fashion">fashion</keyword> giant Boohoo's latest results show it's becoming a force in the US too.</p><p>Its total revenues soared 45% in the six months to August 31, it said Wednesday — suggesting <a href="https://www.businessinsider.com/boohoo-ignored-pay-and-working-conditions-red-flags-review-2020-9">allegations of exploitation at suppliers' factories</a> has not hurt its standing among customers.</p><p>The British company earned £816.5 million ($1.05 billion) in sales in the six months to August 31, compared to £564.9 million ($726.7 million) the same time last year. Non-UK sales now account for 47% of Boohoo's revenue, after the company saw growth across all regions.</p><p>Sales in the US nearly doubled year-on-year, with the company selling £202.2 million ($259.5 million) worth of goods between February and August, it said.</p><p>As well as the Boohoo <keyword id="35621" type="PERSON" weightage="60" keywordseo="e-commerce">e-commerce</keyword> brand, the group owns PrettyLittleThing, Nasty Gal, MissPap, Karen Millen, Coast, Warehouse, and Oasis.</p><p>Many new customers came to Boohoo in the spring after the lockdown prevented high-street shopping, the company said.</p><p>Total UK <keyword id="15176" type="ORGANIZATION" weightage="60" keywordseo="clothes">clothes</keyword> sales in August were <a href="https://www.businessinsider.com/uk-retail-sales-recovery-is-deceptive-and-clothes-hardest-hit-2020-9">15.9% below their levels in February</a>, before the UK went into lockdown, according to data from <a href="https://www.ons.gov.uk/businessindustryandtrade/retailindustry/bulletins/retailsales/august2020">the Office for National Statistics</a>, and <keyword id="6373481" type="UNKNOWN" weightage="60" keywordseo="clothing">clothing</keyword> has been the UK's worst-hit <keyword id="6354851" type="UNKNOWN" weightage="100" keywordseo="retail">retail</keyword> sector during the pandemic. But fashion companies with a strong online presence, like Boohoo, have fared well during the pandemic.</p><p>Nike shares hit a record high on September 23 after the company reported an <a href="https://www.businessinsider.com/nike-shares-hit-record-high-digital-sales-rise-82-2020-9">82% jump in online sales</a>, and earlier in the month Zara owner Inditex returned to profit after <a href="https://www.businessinsider.com/zara-owner-inditex-reports-rising-profits-online-sales-up-74-2020-9">online sales grew by 74%</a> in the six months to July.</p><p>Boohoo reported a 51% jump in profit before tax, to £68.1 million ($87.4 million). The company has a "highly positive outlook" for the future of both Boohoo and the wider online fashion industry, it said.</p><p>"The demand for affordable online fashion continues unabated and provides the opportunity for continued growth globally," Boohoo said in the financial statement.</p><h3>"Modern slavery" allegations at Boohoo suppliers</h3><p>The company has been shrouded in controversy in recent months after allegations of "lockdown breaches, exploitation, and modern slavery," at its suppliers factories. Boohoo <a href="https://www.businessinsider.com/boohoo-ignored-pay-and-working-conditions-red-flags-review-2020-9">ignored red flags over working conditions</a> among suppliers and often has "no idea where its clothes are being made," an independent review published September 25 found.</p><p>Boohoo said the review "has identified significant and clearly unacceptable issues in our supply chain, and the steps we had taken to address them, but it is clear that we need to go further and faster to improve our governance, oversight and compliance."</p><p>The group's revenue is expected to grow by around 30% in the year to February 2021, it said — it initially expected a 25% increase.</p><p>It upped its estimated capital expenditure for the year from about £80 to £100 million ($103 to $128 million) because of investments in automation alongside IT developments.</p><p>CEO John Lyttle said Boohoo remains "optimistic" about the group's prospects, adding that it is "well-positioned to continue making progress towards leading the fashion e-commerce market globally."</p>

UK fast fashion giant Boohoo is becoming a transatlantic force: Total sales topped $1 billion in the first half of 2020, and US sales doubled

<ul class="summary-list"><li>An independent review into <keyword id="1756943" type="ORGANIZATION" weightage="60" keywordseo="Fast-Fashion">fast fashion</keyword> giant <keyword id="4275684" type="PERSON" weightage="60" keywordseo="boohoo">Boohoo</keyword>'s supply chain found "multiple failings" over pay and working conditions. </li><li>Boohoo, which faced allegations of "modern slavery" in its supply chain in June, ignored red flags, the review found.</li><li>Multiple textile factory workers claimed to be paid less than the minimum wage, and around half of the suppliers and subcontractors investigated had no risk assessments.</li><li>But Boohoo did not break the law, and it didn't deliberately exploit workers, the review said.</li><li>Boohoo said the review "has identified significant and clearly unacceptable issues in our supply chain, and the steps we had taken to address them, but it is clear that we need to go further and faster to improve our governance, oversight and compliance."</li></ul><p>Fast <keyword id="6" type="ENTERTAINMENT" weightage="60" keywordseo="fashion">fashion</keyword> giant Boohoo's UK supply chain has "many failings," including low pay, poor working conditions, and "inadequate" monitoring from Boohoo, an independent review has found — but the retailer did not deliberately exploit workers.</p><p>The British fast fashion giant announced the independent review in July after workers' rights group Labour Behind the Label (LBL) released a June report about factory conditions in Boohoo's supply chain. Workers at the factories in <keyword id="6365334" type="LOCATION" weightage="60" keywordseo="leicester">Leicester</keyword>, central England, were being exploited and put <a href="https://www.businessinsider.com/boohoo-defends-itself-report-supply-chain-covid-risks-2020-7">at risk of catching COVID-19</a>, the report said.</p><p>Separately, in July, <a href="https://www.thetimes.co.uk/article/boohoo-fashion-giant-faces-slavery-investigation-57s3hxcth?wgu=270525_54264_16010353996896_6f73713e79&amp;wgexpiry=1608811399&amp;utm_source=planit&amp;utm_medium=affiliate&amp;utm_content=22278tm_content=22278">The Sunday Times</a> reported that workers in a factory making <keyword id="15176" type="ORGANIZATION" weightage="60" keywordseo="clothes">clothes</keyword> for Boohoo were being paid as little as £3.50 ($4.38) an hour, far below the legal minimum wage.</p><p>The independent review, delivered to the board on Thursday, "has identified many failings in the Leicester supply chain," Boohoo said <a href="https://www.boohooplc.com/newsroom">in a statement on Friday.</a> For example, some workers had not always been properly paid for their work, the review found, and many were not fully aware of their rights. </p><p>Senior Boohoo staff knew there were "very serious issues" in its supply chain and ignored red flags, the review said.</p><p>Despite these failings, the review said there was "ample evidence" Boohoo has been taking action to address these problems for nearly a year, not just in "reaction to the negative publicity in July and August 2020." This included regular factory visits from Boohoo's compliance team to assess health and safety risk, and its supplier code of conduct, which had clauses on safe working conditions and wages.</p><h3>Allegations of "lockdown breaches, exploitation, and modern slavery"</h3><p>LBL said in June it had unearthed "lockdown breaches, exploitation, and modern slavery" in Boohoo's supply chain in Leicester, and said that many factories continued working at "100% capacity" throughout the pandemic because of "sustained orders" from Boohoo.</p><p>Following the report, retailers including Next, Zalando, Amazon, and ASOS <a href="https://www.businessinsider.com/amazon-asos-zalando-and-next-drop-boohoo-over-illegal-wage-claims-2020-7">delisted Boohoo products</a>.</p><p>While the independent review found no evidence that the company had committed any crimes, it said allegations about poor working conditions and low rates of pay were "not merely well-founded but substantially true." </p><p>For example, one of Boohoo's suppliers didn't pay workers their paid statutory holiday pay, and multiple factory workers claimed to be paid less than the minimum wage, the review found.</p><p>The review also discovered that some suppliers failed to follow health and safety regulations, and had insufficient first aid kits and training, unhygienic bathrooms, and fire-safety violations. Half of the suppliers and subcontractors investigated had no risk assessments in their factories.</p><h3>Boohoo "ignored" red flags</h3><p>The review described Boohoo's monitoring of its supply chain as "inadequate," and said that senior Boohoo directors knew there were "very serious issues" about the treatment of factory workers since at least December 2019. The company "ignored" red flags and "did not move quickly enough," it said.</p><p>"By the time they began to take notice, it was too late."</p><p>Boohoo's rapid growth meant that its "weak corporate governance" couldn't keep up, said Alison Levitt, the senior lawyer who led the review. </p><p>In many cases, "Boohoo has simply no idea where its clothes are being made and thus has no chance of monitoring the conditions of the workers who make them," she said.</p><p>She added that "growth and profit were prioritized to the extent that the company lost sight of other issues," such as its social responsibility.</p><p>But the independent review found that Boohoo did not deliberately allow poor conditions and low pay within its supply chain, and it also did not intentionally profit from them.</p><p>The review said that "if Boohoo is willing to take a different approach to how it both views and interacts with the Leicester supply chain, it has within its power to be a tremendous force for good." </p><h2>Boohoo: "We need to go further and faster to improve"</h2><p>After the review was released, Boohoo explained a series of measures it would take after "extensive" consultations with stakeholders and shareholders. These include discussing supply chain compliance at every board meeting, working with more suppliers with a "track record of ethical and sustainability policies," and independently auditing more of its UK and international supply chain. </p><p>The company will also support workers' rights by establishing a Garment &amp; Textiles Community Trust, which will provide hardship funds to workers in the local garment industry.</p><p>The company said in its statement that it regretted not taking action quickly enough.</p><p>Boohoo CEO John Lyttle said: "[The review] has identified significant and clearly unacceptable issues in our supply chain, and the steps we had taken to address them, but it is clear that we need to go further and faster to improve our governance, oversight and compliance."</p><p>He added that Boohoo has been "a major force in driving the textile industry in Leicester," and said the company wants to "reinforce [its] commitment to being a leader for positive change in the city."</p><p>Levitt commended Boohoo for "helping to democratize fashion." </p><p>She added that "Boohoo should also be congratulated for the revenue it has generated for the UK and for the fact that, unlike many of its competitors, it has continued to support UK manufacturing."</p>

Fast fashion giant Boohoo ignored red flags over working conditions among suppliers and often has 'no idea where its clothes are being made,' an independent review found

<p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>LONDON - British online fashion retailer Boohoo.com is bidding $20 million (£16.3 million) for the brand and customer list of bankrupt US clothing brand Nasty Gal.<p>Founded in 2006 in Los Angeles, Nasty Gal began as an eBay shop for vintage clothing. It specialises in fashion for young women, marketing itself as an edgy brand indicative of LA's carefree attitude.</p><p>Nasty Gal's founder, Sophia Amoruso, has become a business icon in America, writing the New York Times best-selling book #Girlboss, which is being turned into a Netflix series. Amoruso has <a href="http://uk.businessinsider.com/sophia-amoruso-steps-down-nasty-gal-ceo-2015-1">stepped back from the business in recent years.</a></p><p>Despite strong early growth and popularity, venture capital-backed Nasty Girl has struggled in recent years. It had revenues of $77.1 million (£62.8 million) in the year to February 1, according to Boohoo, but made a loss of $21 million (£17.1 million) in the same financial year. <a href="http://uk.businessinsider.com/sophia-amoruso-hands-over-ceo-title-2016-11">It filed for bankruptcy protection in early November.</a></p><p>Industry blog the Business of Fashion suggested the company's demise was driven by <a href="https://www.businessoffashion.com/articles/intelligence/nasty-gal-what-went-wrong">over-ambitious investment in infrastructure such as warehouses and high fixed costs.</a> Nasty Gal raised $65 million (£52.9 million) in total, with $49 million (£39.9 million) coming from well-known European VC house Index Ventures.</p><p>Boohoo <a href="http://www.investegate.co.uk/boohoo-com-plc--boo-/rns/proposed-acquisition/201612280700148317S/">said in a statement to the market on Wednesday</a> that Nasty Gal is "a bold and distinctive brand for fashion-forward, free-thinking young women which the Board believes would complement boohoo's own inclusive and inspirational brand." Boohoo says it hopes the deal will accelerate its international expansion, particularly in the US.</p><p>Boohoo.com was founded in Manchester in 2006, the same year as Nasty Gal, and offers own-brand "fast fashion" - cheap and trendy - to millennials online.</p><p>The deal is subject to US bankruptcy proceedings and requires court approval, which Boohoo.com said it will seek on January 5.</p><p>Boohoo.com joint CEOs Mahmud Kamani and Carol Kane <a href="http://www.investegate.co.uk/boohoo-com-plc--boo-/rns/proposed-acquisition/201612280700148317S/">said in a statement:</a> "Should we be successful in acquiring Nasty Gal it would represent a fantastic opportunity to add such a well-established, global brand to the Boohoo family.</p><p>"Following our recent acquisition of PrettyLittleThing.com, we believe this would represent an ideal next step in inspiring an ever-growing range of young customers internationally."</p><p>&#xa0;</p><div></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/michael-lewis-wall-street-change-liars-poker-2016-12">MICHAEL LEWIS: The biggest way Wall Street culture has changed since 'Liar's Poker'</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="8wdjVjODE6MkOHMQxihgcOG-j5umumOz" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Boohoo.com is bidding $20 million for bankrupt US millennial fashion brand Nasty Gal

<p><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div></p><p>Here is what you need to know. </p><p>1. <strong><a href="https://www.businessinsider.com/impeachment-inquiry-trump-pelosi-markets-us-dollar-2019-9" data-analytics-position="1" data-analytics-module="hero_tout">The impeachment inquiry into Trump has rattled global markets and poses 'a serious setback' to resolving the trade war</a>. </strong>Asian stocks all fell as uncertainty over trade war negotiations plagued markets. </p><p>2. <strong><a href="https://www.businessinsider.com/video-trump-boris-johnson-wont-resign-supreme-court-defeat-parliament-2019-9" data-analytics-position="1">Trump says Boris Johnson 'isn't going anywhere' as the prime minister comes under growing pressure to resign.</a> </strong>Johnson's opponents on Tuesday lined up to call for his resignation after the UK Supreme Court ruled that he had broken the law by suspending parliament.</p><p>3. <strong><a href="https://www.businessinsider.com/google-netflix-apple-facebook-amazon-stocks-hit-as-trump-slams-tech-2019-9?r=US&amp;IR=T" target="_blank" rel="noreferrer noopener" data-qa="message_attachment_title_link">Google and other FAANG stocks saw $58 billion wiped from their market caps after Trump slammed the 'immense power' of big tech. </a></strong>The stocks are set to drop even more when the market opens on Wednesday.</p><p>4. <a href="https://www.businessinsider.com/former-danske-bank-estonian-head-found-dead-by-police-2019-9" data-analytics-position="1" data-analytics-module="onecolumn-post_image_wide"><strong>Former Danske Bank Estonian head has been found dead by police</strong></a>. Danske Bank is under investigation in several countries, including the United States, Denmark, Britain and Estonia, over suspicious payments totalling €200 billion ($220 billion) moved through its tiny Estonian branch between 2007 and 2015.</p><p>5.<strong> <a href="https://www.businessinsider.com/wework-faces-few-barriers-to-ipo-despite-its-ceo-shakeup-2019-9" data-analytics-position="4" data-analytics-module="onecolumn-post_image">Even after ousting Adam Neumann as CEO, WeWork could still go public this year - if it prices its IPO low enough</a>.</strong> After indicating last week that it intended to press forward with its IPO in the near future, WeWork on Tuesday indicated it might be reconsidering that plan.</p><p>6. <a href="https://www.businessinsider.com/ikeas-online-sales-surge-43-2019-9?r=US&amp;IR=T"><strong>IKEA's online sales surged 43% in the 12 months to the end of August, helping to drive overall retail sales at the world's biggest furniture group</strong>.</a> Retail sales - or sales of products and services at all 433 IKEA stores and online sites - came in at 41.3 billion euros ($45.4 billion), an increase of 6.5% from the previous fiscal year when accounted for in euros, it said in a statement.</p><p>7.  <strong><a href="https://www.businessinsider.com/saudi-aramco-seeks-project-finance-loan-of-more-than-1-billion-sources-2019-9?r=US&amp;IR=T">Saudi Aramco has asked banks to submit proposals for a project finance loan of more than $1 billion, two sources with direct knowledge of the matter said to Reuters</a>.</strong> The request to banks went in a few days after the September 14 attack on the two giant.</p><p>8. <strong><a href="https://www.businessinsider.com/stocks-tumble-trump-impeachment-inquiry-us-china-trade-war-fears-2019-9?r=US&amp;IR=T" target="_blank" rel="noreferrer noopener" data-qa="message_attachment_title_link">World stocks are tumbling on fears of a Trump impeachment inquiry</a>. </strong>US stocks are set to fall with futures underlying the S&amp;P 500 (-0.2%) and the Nasdaq (-0.3%) both down. Europe opened poorly with the DAX  (-1.1%) and Euro Stoxx  (-1.2%) falling sharply. Asia closed dropping, with the Nikkei (-0.4%),  Shanghai Composite (-1.0%) and Hang Seng (1.3%) all sliding.</p><p>9. <strong><a href="https://markets.businessinsider.com/earnings-calendar?utm_source=markets&amp;utm_medium=ingest">There are some interesting earnings out today</a>.</strong> UK fashion retailer Boohoo.com and cruise ship firm Carnival release earnings through the day. </p><p>10. <strong><a href="https://markets.businessinsider.com/economic-calendar?utm_source=markets&amp;utm_medium=ingest#date=07/02/2019&amp;name=&amp;countries=us&amp;eventtypes=&amp;tab=1,2,3">There is a stack of housing data on the docket today</a>.</strong> Data on new home sales and mortgage applications will be out during the day. </p>

10 things you need to know before the opening bell

<p><div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="Getty Images" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/55814868dd08953c4d8b45f6-960/coachella-2015.jpg"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Getty Images</span></p></div><p></p></div></div></p><p>Roughly three European tech companies a year have been sold or floated on the stock exchange, or otherwise valued by investors, at $1 billion or more since 2000, a<span>ccording to </span><a href="http://www.gpbullhound.com/wp-content/uploads/2015/06/GP-Bullhound-Research-Billion-Dollar-Companies-2015.pdf">data from British investment bank GP Bullhound</a>. </p><p>But since April 2014, Europe has <a href="http://uk.businessinsider.com/13-european-unicorn-startups-worth-more-than-1-billion-in-the-last-year-2015-6">added 13 companies</a> to its list of "unicorns." (Three firms - London-based online fashion retailer Boohoo.com, Spanish online travel company Edreams, and British mobile money firm Monitise - dropped off.) <span style="line-height: 1.5em;">The continent now boasts forty $1 billion dollar-plus companies.</span></p><p>GP Bullhound's report also sets out which tech firms we're likely to see reach billion-dollar valuations next. </p>

The 13 European tech startups that are most likely to be worth $1 billion next

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>The online fashion Boohoo said that extra large and extra small clothes helped boost sales by 27%.</p><p>The group, which launched an IPO in in March last year,<a href="http://www.investegate.co.uk/boohoo-com-plc--boo-/rns/preliminary-results/201505060701552719M/"> reported </a><span style="line-height: 1.5em;"><a href="http://www.investegate.co.uk/boohoo-com-plc--boo-/rns/preliminary-results/201505060701552719M/">full-year sales today</a>, and praised the success of its Petite, FIT and Plus ranges, as well as continued success on mobile. </span></p><p><span style="line-height: 1.5em;">Boohoo said it also plans to launch a collection for taller shoppers.</span></p><p><span style="line-height: 1.5em;">The ASOS rival's shares tumbled by 40% in January after it warned that sales were growing slower than expected. This morning's results are in-line with new forecasts.</span></p><p>Profits rose by 3% to £11 million ($16.7 million), while revenue hit £139.8 million ($212.69 million) in the year to February 28. </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-floyd-mayweather-spends-his-money-boxing-2015-4">Here's how Floyd Mayweather spends his millions</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NiaGVpdDqdBR4NCmtjL5odLe14N1R4Hp" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Skinny and curvy girls just helped boost Boohoo sales by 27%

<p><span style="line-height: 1.5em;"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Mobile phones may have just helped save online fashion retailer Boohoo.com's skin after traffic from the devices <a href="http://www.investegate.co.uk/boohoo-com-plc--boo-/rns/trading-update/201503110700130827H">boosted revenue </a></span><span style="line-height: 1.5em;"><a href="http://www.investegate.co.uk/boohoo-com-plc--boo-/rns/trading-update/201503110700130827H">for the two months to 28 February 2015</a>.</span></p><p>Boohoo, which issued a profit warning at the beginning of the year, said in a trading update that m<span style="line-height: 1.5em;">obile traffic now represents almost half of all sessions and daily unique visitors to its website. It said that</span><span style="line-height: 1.5em;"> <a href="http://www.investegate.co.uk/boohoo-com-plc--boo-/rns/trading-update/201503110700130827H/">mobile conversion improved by over 40% in the last quarter</a>.</span></p><p><span style="line-height: 1.5em;">The group, which targets 16-24 year old consumers, said revenue jumped 22% over the two months to 28 February while overall active customers for the year is now 29% up at 3 million.</span></p><p><span style="line-height: 1.5em;">"We continue to build our business for the long term, as we stated at our IPO last year, and our clear objective is to deliver sustainable growth," <a href="http://www.investegate.co.uk/boohoo-com-plc--boo-/rns/trading-update/201503110700130827H/">said joint CEOs Mahmud Kamani and Carol Kane</a>. "We remain absolutely focused on execution and are increasing our marketing spend in FY16 to drive momentum in the business."</span></p><p><span style="line-height: 1.5em;">Boohoo is under pressure to increase its customer base, expand and boost revenues after it issued a profit warning in January this year. It only launched an IPO in March 2014.</span></p><p>"Whilst the period proved a challenging trading environment, we have still grown the business by 25%, albeit short of our previous expectations," said Boohoo's joint CEOs Mahmud Kamani and Carol Kane in a statement at the time.</p><p>The Boohoo stock price has had a rough ride since it listed on London's mid-cap market AIM. It floated at 50p, soared to 85p on its first day of trading and is trading now 66% lower to date at 25.20p.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/largest-ice-glacier-calving-filmed-2015-1">This Video Of The Largest Breakage Of Ice From A Glacier Ever Filmed Is Absolutely Frightening</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NqbHJucjpzcqR3obKs3FqeMQRi8yolxr" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Mobile sales helped boost Boohoo revenue 22% over the last two months

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>London-based fashion startup Farfetch has raised $86 million in a new funding round, <a href="http://www.ft.com/cms/s/0/e20f6c92-c1d0-11e4-abb3-00144feab7de.html#axzz3TQFnkE5F">the Financial Times reports, valuing the company at $1 billion</a>.</p><p>It's the third London tech "unicorn" in as many months: <a href="http://uk.businessinsider.com/shazam-1-billion-valuation-2015-1">Music discovery app Shazam</a> and <a href="http://uk.businessinsider.com/transferwise-1-billion-fintech-revolution-banks-2015-1">international money transfer service TransferWise</a> have both also closed funding rounds that value the companies at in excess of $1 billion in early 2015.</p><p>Founded in 2008, Farfetch is an online storefront for more than 300 boutiques across the world. It works with stores in New York, Paris, Bucharest, and Seattle, offering more than 1,000 brands.</p><p>Because it doesn't hold stock itself - products remain at the partner boutiques until purchased online - overheads stay low for Farfetch. It now sees $300 million in annual sales on its platform, <a href="http://www.ft.com/cms/s/0/e20f6c92-c1d0-11e4-abb3-00144feab7de.html#axzz3TQFnkE5F">according to the FT</a>. <a href="http://techcrunch.com/2015/03/04/farfetch/">CEO Jose Neves told TechCrunch there are</a> "no plans" to add in-house inventory, and the cash raised will help fund the company's global expansion.</p><p>The low costs of the business may go some way to helping explain the size of its valuation. But even so, it's remarkably high. Boohoo.com's market cap peaked at around £800 million when it went public, which would have briefly made it a $1 billion unicorn. Now Boohoo trades at a market cap of just £272 million. <a href="http://www.businessoffashion.com/?p=116996">Unicorns remain rare in the fashion industry, Business of Fashion reports</a>:</p><p style="padding-left: 30px;">Asos was never valued at $1 billion as a private company. Neither was Yoox. And though Net-a-Porter, valued at £350m (about $531 million) when it was acquired by Richemont in 2010, is worth far more today, there has been no market transaction - a funding round, acquisition or IPO - to validate this.</p><p>The funding round is led by DST, a VC firm that has previously invested in Twitter, Facebook, Xiaomi and more. Conde Nast and Vitruvian Partners, both previous investors, have both also returned.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/office-fashion-mistakes-men-suit-tie-work-2015-2">10 fashion mistakes men make over and over at the office</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="M4YWVoczqRtWinAZD1X6oPr8bWDrh7KN" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Fashion startup Farfetch is London's latest $1 billion unicorn

<p class="lu"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters</span></p></div><p></p></div></div>Boohoo.com, the online clothing retailer, had a very happy end to 2015.</p><p class="lu"><a href="http://www.investegate.co.uk/boohoo-com-plc/rns/trading-update/201601120700075087L/">In a trading statement released on Tuesday morning</a>, the company said that in the four months to the end of 2015 it grew revenues by a massive 45%, and has completely smashed any expectations for the company's performance.</p><p class="lu">Total revenues are now at £73.7 million ($107 million), up from £50.8 million ($73.8 million) over the same period last year. </p><p class="lu">Forecasts had put Boohoo's revenue growth at an expected 31%, but the real number is far more impressive, and reflects what the company calls "increased order frequency" and "lower customer acquisition costs".</p><p class="lu">Essentially, it is getting customers to buy more stuff, and having to spend less to bring in new ones, a pretty handy combination.</p><p class="lu">Boohoo's stellar Christmas period sent shares in the AIM listed company soaring, jumping by nearly 5% at the open. As of 8:15 a.m. GMT (3:15 a.m. ET) the company's stock is up 5.5%.</p><p class="lu">The end of 2015 couldn't have been more different to the previous one for Boohoo. <span> Shares tanked more than 40% after last year's January trading update, which reported that the group's rate of sales growth had more than halved. </span><span>This was blamed on unseasonably warm weather, big price cuts across the industry, and problems with delivering goods.</span></p><p class="lu">Along with the company's massive boost in <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> revenues, other highlights in the company's trading statement included:</p><ul><li><span style="line-height: 1.5em;">Revenues in the rest of Europe up 33%, and 52% in the rest of the world.</span></li><li>Retail gross margin fell to 57.0% from 59.1% a year earlier. The company blamed this on investing in the customer experience, and in keeping prices low. </li><li>Overall, gross margin 55.7% thanks to growth in third party sales.</li><li>3.9m active customers, up 33% on prior year.</li><li>£58.7m cash on balance sheet.</li></ul><p>Boohoo's stellar Christmas has also allowed them to increase their expectations for the full year. In a statement released by joint CEOs Mahmud Kamani and Carol Kane said (emphasis ours):</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/volkswagen-brand-chief-apology-ces-scandal-vw-herbert-diess-2016-1">Volkswagen's brand chief gave an extended apology before their CES keynote</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Z2OTcxMDE6jEOoKMTCYmvKW9Pm28yMpX" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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