E Point Perfect
Shopping

Boohoo cancels orders as cost-of-living hits demand


Boohoo
Boohoo has cancelled orders as demand for fast fashion weakens
// Boohoo has been cancelling and deferring orders from suppliers as demand for clothing wanes amid the cost-of-living crisis
// Boohoo posted its first ever UK sales drop earlier this year

Boohoo has been cancelling and deferring orders from suppliers as the cost-of-living crisis dampens demand for fast fashion.

One of the etailer’s suppliers in Leicester told The Sunday Times: “Boohoo has cancelled a load of orders. We are just here to do the fast stuff and when they don’t need it, they just stop it in its tracks.”

A Boohoo spokesman told the newspaper: “As is the case across a retail sector currently navigating uncertain demand, we are constantly reviewing our requirements.”


READ MORE: 


The uncertainty is likely to hit suppliers, who are facing soaring energy costs. 

Boohoo posted its first ever UK sales drop in its quarter to 31 May. UK sales fell 1% while overall sales plunged 8%.

Since then, fellow etailer Asos warned that its sales in August were weaker than expected, which it said “reflected the impact of accelerating inflationary pressures on consumers and a slow start to autumn/winter shopping”.

Click here to sign up to Retail Gazette‘s free daily email newsletter



Source link >

Related posts

Hobbycraft to open three new stores as profits rise

Morrisons’ top executive Trevor Strain to exit

Brits scramble to buy rosé, ice cream and fans as first ever red heat warning is issued

Inside Gilly Hicks’ first UK standalone store

Greggs hires former Tesco CEO Matt Davies as new chair

Dickies to open first European standalone store on Carnaby Street