Boohoo’s trading update on Tuesday showed that the pureplay e-tailer continued to prosper in Q1, even after UK physical stores reopened in April, although there were challenges in some markets and margins were squeezed.
Gap has confirmed that it’s to close 19 UK and Republic of Ireland stores this summer. It follows a bruising pandemic period and news backs in October that the US firm was launching a review of its European business.
Boohoo has concluded a deal to buy the remaining Arcadia brands that hadn’t been take over by ASOS and City Chic. It’s paying £25.2m to acquire the three “British heritage brands” out of administration.
ASOS has bought Topshop, Topman, Miss Selfridge and HIIT and will move fast to integrate them into its set-up. It said it's an attractive opportunity and they saw fast sales growth on its platform in the latest period.
A very short statement from Boohoo Group on Friday confirmed that yes, it is interested in buying the remaining brands owned by failed Arcadia, a move that means the entire Arcadia empire going online-only.