Annual pre-tax profits for Boohoo have seen a surge this year and nearly doubled from just under £16m in 2016 to £31m.
With thanks to new overseas markets, sales at Boohoo have seen a massive leap of 51% and are now approaching £300m, which sees a £100m increase on 2016.
This result in sales growth has reflected in the Manchester based company’s share price, having trebled in the last month, resulting in the business being valued at more than £2 billion.
Boohoo’s £20m acquisition of the US fashion site Nasty Gal over the last year provided them with a 55% rise in sales over the Christmas period, strengthening their plans for international expansion.
Continuing their expansion plans Boohoo also bought the smaller online fashion rival Pretty Little Thing earlier in the year – founded by the sons of Boohoo co-founder Mahmud Kamani.
Since taking over Pretty Little Thing the firm have already seen a growth in profits within the first two months which is a great sign for the future.
“This is an outstanding achievement for one of our original and most valued clients.” said Jonathan Miles, XCM’s Director of Multi Channel. “Boohoo’s rapid success, business foresight and market leading approach comes as no surprise to us. They ‘want’ to be the best and continually strive to do so across all areas of their infrastructure. It’s fantastic that XCM continue to support Boohoo and play an integral part in this ongoing success”.