Boohoo is launching an online marketplace that will reportedly launch this week. Boohoo Brands will include up to 200 fashion, lifestyle and beauty brands. It will be powered by Mirakl e-commerce software.
Like Asos, another well-known fashion net player from the UK, Boohoo is also facing declining sales. Brexit, which has increased barriers to international buyers, pressure on UK consumer spending and the rapid rise of Chinese fashion players such as Shein are among the challenges facing Boohoo.
Decrease in sales, significant losses
The group’s revenue fell 17 percent to £1.46bn in the latest financial year, which ended in February. The losses are considerable. Boohoo is the latest in a string of UK clothing retailers, including Asos and Superdry, to approach banks to help them renegotiate debt.
Boohoo brand
With a market strategy, the Manchester-based company is now trying to turn things around. The Boohoo Brands range includes accessories from Alexander McQueen, Balenciaga, Gucci and Valentino, clothing from Off White and Urban Bliss, footwear from Puma and Crocs, as well as beauty products from L’Oréal Paris and Garnier.
Among others, Gucci, Crocs and L’Oréal are participating.
Boohoo Brands will start with 150 to 200 labels and add more weekly, the company said, as it aims to become a “one stop shop for all your fashion, beauty and lifestyle needs”.
“Improving the Shopper’s Experience”
James Blacklock, Chief Product Officer at Boohoo.com, said: “This initiative reflects our commitment to providing our customers with diverse and high-quality options, all in one convenient location. By partnering with some of the most complementary brands, we are enhancing the shopping experience and ensuring Boohoo.com remains the leading destination for UK consumers.”
A miracle
The new marketplace runs on software from Mirakl, a fast-growing French marketplace solutions provider. Mirakl was also the technology partner behind Debenhams’ marketplace, which was acquired by the Boohoo Group in 2021.