Boohoo Slumps: Sales Slashed by 17% as Shein Steals the Spotlight
Fast fashion giant Boohoo, owner of PrettyLittleThing, is staring down a massive 17% drop in sales this year. Fierce competition from Shein and wallet-tight consumers have forced Boohoo to reveal a hefty £125m cost-cutting blitz to claw back market share.
From Pandemic Star to Profit Pressure
Once the darling of lockdown shopping, Boohoo’s sales have tanked. The firm posted £729m revenue for the six months to August 31, down a sharp 17% year-on-year. To fight back, Boohoo is shaking up its playbook. It’s introduced fees for returns and is switching sourcing from Asia to Europe to rein in costs. These moves come after the group snapped up brands like Nasty Gal, famed for launching the ‘girl boss’ mantra during the pandemic boom.
TikTok and Meta Test Ad-Free Subscription Waters
Social media heavyweights TikTok and Meta are jumping on the ad-free subscription trend. TikTok is trialling a $4.99 monthly fee for an ad-free experience, quietly testing in an unnamed English-speaking market outside the US. At the same time, Meta is eyeing similar ad-free options in the EU, navigating tough ad regulations.
TechCrunch reports TikTok’s test is tiny-scale with no clear plans for a global rollout yet. Meanwhile, platforms like OnlyFans and X (formerly Twitter) have already embraced subscription models, as users grow tired of relentless ads.
Strike Threat Dodged: Union Staff Call Off Walkouts
More than 3,000 union members have cancelled planned strikes on October 4 and 6 after successful talks. The RMT union confirmed jobs are safe, rosters won’t change, and pay is protected—for now—amid ongoing negotiations covering jobs, pensions, and working conditions.
