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Manchester’s boohoo to create 5,000 jobs with £500M investment

UK’s leading online retailer from Manchester, boohoo group plc has recently published the ‘Economic Impact Report’ that details the current and historic gross value (GVA) it has and will continue to contribute to the UK economy. Also, the report outlines the significance of the group’s activities and operations.

£500M investment

boohoo has chalked out its plans to invest £500 million in the UK for over five years to come in a move to create as many as 5,000 new jobs to meet the ever-growing demand both in the UK and worldwide. The investments will help the company continue the incredible growth it has experienced since its launch in 2006 (founders Carol Kane and Mahmud Kamani) that has helped it grow from a single brand to a group of 13 world-class brands today.

It is claimed that 50 per cent of the sales come from overseas especially USA and Australia. To meet this demand, it plans to purchase an additional warehouse space. Also, it eyes to invest in smart IT solutions to make the industry more efficient.

“The growth this business has experienced over the last 15 years has been phenomenal. It has not been without its challenges, but it is right to celebrate the significant contributions the company makes to the towns and communities where we operate. The investments we have planned will help us to continue our growth, increasing our customer base both at home and abroad, adding even more value as we do so,” said CEO John Lyttle.

“All of this has only been possible because of the amazing people who form our boohoo family. I am so proud of the way they rise to every challenge and I look forward to growing together as we cement our position as leaders in global fashion e-commerce.”

Contribution to UK economy

As per the report, in the financial year 2020/21, the group’s operations added £559.4 million in GVA to the UK, thereby supporting an estimated 8,050 Full Time Equivalent (FTE) jobs. The GVA equates to around 4.4 per cent of the total UK clothing and footwear retail sector. Since 2009, the boohoo group’s operations have added almost £2 billion in GVA to the UK’s economy. For every job created by the group, 1.7 jobs are created in the wider economy.

The post Manchester’s boohoo to create 5,000 jobs with £500M investment appeared first on UKTN (UK Tech News).

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