British fashion brands were under pressure Tuesday, amid anxiety over a faltering U.K. consumer and slowing global growth for luxury labels.
Shares in Boohoo BOO, -8.11% stumbled 10% after the fast-fashion retailer said it expected revenues to fall between 12% to 17% in the year to the end of February as active customer numbers declined at double-digit rates.
“Boohoo, the party’s on hold for now – the online fashion retailer enjoyed a spectacular run between its IPO in 2014 and 2021, becoming the epitome of fast fashion,” said Aarin Chiekrie, equity analyst at Hargreaves Lansdown. “But since then, the celebrations have been muted and performance has been lacklustre, to say the least.”
And Andrew Wade, analyst at Jefferies, rated Boohoo a buy, though reduced his price target from 85p to 75p, stating: “We are encouraged by the group’s operational and strategic progress that should support a clear recovery when the demand picture improves. “
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