Pre-tax profits rise 97% to £31m thanks in share to paying social media stars to promote clothes to 16- to 24-year-old fansBoohoo,the online fashion retailer with an army of 16 to 24-year-old fans, has nearly doubled its profits, and helped by paying celebrities and other “influencers to promote its products on Instagram.
The Manchester-based company,which has turned its founders into multimillionaires, reported on Wednesday that sales had risen by 51% to £295m in the year to the stop of February. This pushed the retailer’s pre-tax profit up by 97% to £31m. Continue reading...
Source: theguardian.com