Boohoo is launching an internet marketplace, which is reportedly going live this week. Boohoo Brands will feature as much as 200 labels in fashion, lifestyle, and wonder. It’s going to be powered by Mirakl’s ecommerce software.
Like Asos, one other well-known fashion pure player from the UK, Boohoo is facing declining revenues. Brexit, which has increased barriers for international buyers, pressure on British consumer spending, and the rapid rise of Chinese fashion players like Shein are among the many challenges Boohoo is facing.
Revenue down, significant losses
In its last fiscal yr, ending in February, the group’s revenue decreased by 17 percent to 1.46 billion kilos. The losses are significant. Boohoo is the newest in a series of clothing sellers from the UK, including Asos and Superdry, to have approached banks to assist renegotiate debt.
Boohoo Brands
With a marketplace strategy, the Manchester-based company is now attempting to turn the tide. Boohoo Brands’ offerings include accessories from Alexander McQueen, Balenciaga, Gucci, and Valentino, clothing from Off White and Urban Bliss, footwear from Puma, and Crocs, in addition to beauty products from L’Oréal Paris and Garnier.
Amongst others, Gucci, Crocs, and L’Oréal are participating.
Boohoo Brands will start with 150 to 200 labels and is onboarding more weekly, the corporate said, because it goals to develop into “a one-stop destination for all fashion, beauty, and lifestyle needs”.
‘Enhancing the patron experience’
James Blacklock, chief product officer at Boohoo.com, stated: “This initiative reflects our commitment to providing our customers with diverse and high-quality options, multi functional convenient place. By partnering with among the most complementary brands, we’re enhancing the shopping experience and ensuring that Boohoo.com stays a number one destination for UK consumers.”
Mirakl
The brand new marketplace runs on software from Mirakl, the rapidly growing French marketplace solution provider. Mirakl was also the technology partner behind the marketplace of Debenhams, which was acquired by Boohoo Group in 2021.
