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Boohoo Cancels Orders as cost-of-living hits demand

Boohoo Cancels Orders as cost-of-living hits demand

Boohoo has been cancelling and deferring orders from suppliers as demand for clothing wanes amid the cost-of-living crisis.

A Boohoo spokesman said “As is the case across a retail sector currently navigating uncertain demand, we are constantly reviewing our requirements.”

The uncertainty is likely to hit suppliers, who are facing soaring energy costs.

Boohoo posted its first ever UK sales drop in its quarter to 31 May. UK sales fell 1% while overall sales plunged 8%.

Since then, fellow etailer Asos warned that its sales in August were weaker than expected, which it said “reflected the impact of accelerating inflationary pressures on consumers and a slow start to autumn/winter shopping”.

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