Woohoo for Boohoo! Online
Retailer raises £300 million from IPO
The
story of online retail company boohoo.com is the stuff of e-business entrepreneurs’ dreams. The business launched in the UK
in 2006 and has seen exponential growth since launching globally last year. Boohoo
have been in business for six years and started with a mere four employees.
Today, they employ over 600 permanent and temporary staff. The business
recently made successful entries into the Australian, New Zealand, US and
Canadian markets. They now boast customers in over 100 countries worldwide and
are excited for imminent launches into other European markets in the coming
year. And this will all be made that
much sweeter by the exciting developments that have taken place for the company
this past week. Boohoo.com raised £300 million through its initial public offering,
when its shares opened at 70 per cent above its 50 pence offer price. This
gives the firm a value of around £870 million, a whopping and very impressive amount
for a company operating in a market as over-saturated as that of online retail.
So what differentiates it from the ‘asos’s’ and ‘misguided’s’ of this world?
Well firstly, all its clothes are own-brand and secondly its price points are
noticeably lower, with an average price tag of £17. Although, take it from a
previous customer, you get what you pay for – it wouldn’t surprise me if the
company’s take on excellence was the old saying of ‘quantity before quality’ (and
no, I don’t mean the other way around). That being said, credit where credit is
due, their expansion is more than impressive with remarkable growth, so they
must be doing something right!
Wood, Z.
(2014). Family behind Boohoo.com pocket £240m from sale of company
shares. Available: http://www.theguardian.com/business/2014/mar/07/boohoo-sale-company-shares.
Last accessed 20/03/2014
irishtimes.com.
(2014). Shares in online retailer Boohoo.com jump on debut. Available:
http://www.irishtimes.com/business/sectors/retail-and-services/shares-in-online-retailer-boohoo-com-jump-on-debut-1.1725202.
Last accessed 20/03/2014
Moth, D.
(2012). Q&A: Boohoo's Chris Bale on Digital Marketing for Fashion Retail.
Available: http://econsultancy.com/ie/blog/9908-q-a-boohoo-s-chris-bale-on-digital-marketing-for-fashion-retail.
Last accessed 20/03/14.
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