The online fashion retailer Boohoo has unveiled a 48 per cent rise in sales and a 38 per cent rise in pre-tax profits as the Instagram generation drives demand for its clothing. Boohoo, which owns the brands Pretty Little Thing and Nasty Gal, said that revenues had risen to £857 million in the year to February 28, while pre-tax profits had hit £59.9 million. This performance was slightly better than analysts had expected and it helped to send shares in the company up 22¼p, or 10.3 per cent, to 239¼p. The Manchester-based retailer was founded in 2006 and sells low-cost clothes to 16 to 30-year-olds. It has a strong social media presence, with 5.9 million Instagram followers, and uses celebrities and “online influencers” in its…

Source: The Times April 24, 2019 23:03 UTC