The Company’s ambition and growth prospects are underpinned by forecast growth in both the domestic and international online fashion retail markets, boohoo’s highly efficient product sourcing model and a robust infrastructure development plan.
Boohoo’s strategy is built around the following four pillars of growth:
The number of new customers visiting boohoo.com has grown (both in the UK and globally) as awareness of the brand has increased and through the increase in online clothing and footwear retailing. The Directors believe that these factors will continue to drive growth, alongside boohoo’s strategy to broaden the appeal of the brand, and increase the efficiency and individualisation of its marketing spend to drive additional customers to the website.
New international market opportunities have been prioritised based on a number of key criteria including market size, existing competitive environment, spending on fashion and delivery infrastructure.
A number of specific customer retention programs are expected to be implemented to improve the customer experience and build increased brand loyalty. These include initiatives such as ensuring consistent product sizing, increased development of website functionality, growing the design team to increase the number of products unique to boohoo.com, and focusing on customer satisfaction.
Keeping it Real
The discipline of controlled growth has been promoted by the management team, with several initiatives designed to improve efficiency and productivity whilst monitoring cost.
The Company’s product strategy includes an expansion of its current range, to allow it to broaden its target market. Product areas into which boohoo may look to expand include:
- Larger sizes – extend the boohoo plus range to offer a larger number of styles in UK size 16 and above;
- Accessories – an extended range including handbags, jewellery, belts, hosiery, hats and scarves;
- Shoes – extending the range and supplier base for high fashion footwear; and
- Menswear – increase the range of menswear and actively seek to extend the appeal of the boohoobrand to men via the recently launched boohooMan brand.