Latest news with #fastfashion
Bloomberg
5 hours ago
- Business
- Bloomberg
Shein Revenue Neared $10 Billion in First Quarter Before Tariffs
Shein Group Ltd. 's net income rose to over $400 million and revenue was almost $10 billion in the first quarter as consumers snapped up the fast-fashion retailer's products ahead of US tariffs, according to people familiar with the matter. The performance helped lift Shein's profit margin to about 5%, the people said, asking not to be identified because the figures were disclosed confidentially.
Telegraph
a day ago
- Business
- Telegraph
Boohoo ‘owes suppliers hundreds of thousands of pounds'
Boohoo is facing mounting pressure after suppliers accused the fast-fashion firm of failing to pay them hundreds of thousands of pounds on time. The company, which is rebranding as Debenhams, has been rebuked for delaying payments to its suppliers, with claims it has ignored requests for it to reimburse clothes-makers. Speaking to Drapers, one UK supplier alleged they were owed several hundred thousand pounds for products they had delivered to Boohoo over a three-month period. Another said they were waiting for tens of thousands of pounds worth of payments which were six weeks overdue. Boohoo declined to comment on the report. The criticism comes just weeks after The Telegraph revealed that customers were also facing delays to repayments, with the company accused of failing to pay out refunds. In June, dozens of customers took to social media to criticise Boohoo for late payments. This week, some claimed they had referred Boohoo to Trading Standards for the failure to return their money. Writing on TrustPilot, one customer accused Boohoo of 'shocking, disgusting service' after waiting more than three weeks to receive their money back on a package they returned. Another claimed they would never use Boohoo again after spending weeks trying to get a refund. Boohoo last month admitted it was taking longer for customers to receive refunds, saying: 'We're aware that some customers haven't received their refunds as quickly as usual and we're working to resolve that.' It comes as the company races to finalise a refinancing deal, with sources suggesting an announcement about a new debt package is imminent. Boohoo is closing in on a £175m debt deal, with US investment giant TPG expected to provide a significant amount of the new funding. The refinancing talks come against a backdrop of sliding sales at Boohoo. It reported a 16pc fall in revenues in the year to February, as it battled mounting competition from Chinese fast-fashion company Shein. Figures last year revealed that Shein had overtaken Boohoo when measured by UK sales. Boohoo has sought to rebrand as Debenhams with bosses saying they are hopeful the online department store will become the 'driving force of the business' and 'lead the group recovery'. Frasers Group, a major shareholder in Boohoo, voted to block its name change to Debenhams earlier this year, meaning it is still listed as Boohoo on Aim. However, it has updated its corporate branding and main market ticker to Debenhams Group. It follows a scuffle between Boohoo management and Frasers' Mike Ashley this year. Frasers had sought to install its founder Mr Ashley as Boohoo's new chief executive. Boohoo shareholders voted down a proposal to add him to its board.
Entrepreneur
a day ago
- Business
- Entrepreneur
Littlebox Raises USD 2.1 Million to Scale Its Gen Z-Focused Fast Fashion Model
Littlebox plans to use the funding to invest in category expansion, UI/UX improvement, packaging, logistics, and marketing, aiming to position itself as the go-to Gen Z fashion brand in India You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Ultra-fast fashion startup Littlebox has raised INR 17.5 crore (USD2.1 million) in its maiden funding round, co-led by Huddle Ventures and Prath Ventures, alongside select angel investors. Founded in 2022, the Gen Z-focused brand has been profitable from inception and is now raising external capital to accelerate its growth trajectory. Littlebox was launched by Rimjim Deka and Partha Kakati and is one of the rare fashion startups headquartered in Guwahati. The company runs a 40,000 sq ft operational facility in Noida and has garnered a strong following among India's young consumers by offering ~100 new SKUs weekly and operating on a rapid 15-day stock cycle. This model stands in contrast to traditional fast fashion brands that typically hold inventory for two to four months. "India's fast fashion landscape needs agile, tech-first players, and Littlebox is exactly that," said Ishaan Khosla, Partner at Huddle Ventures. "Rimjim and Partha have built a supply chain engine that doesn't just follow global trends—it reshapes them for Indian consumers. We've been following their journey closely, and this is execution at a rare scale." Echoing the sentiment, Piyush Goenka, Managing Partner at Prath Ventures, added, "Littlebox blends Gen Z insight with data-driven execution. Their ability to stay lean and move fast while remaining profitable makes them one of the most promising digital fashion brands in India today." The company came into the national spotlight after closing a rare all-shark deal on Shark Tank India Season 3, where all five investors backed the startup, a moment seen as a public endorsement of its fundamentals and approach. Littlebox's emergence also marks a significant milestone for the Northeast Indian startup ecosystem, which remains underrepresented in the country's broader tech narrative. Co-founder and CEO Rimjim Deka said the capital infusion would be used not for survival, but strategic scaling. "Our roots in Guwahati taught us to build lean, stay grounded, and move fast. We started Littlebox to make fashion trend-forward yet accessible, without burning capital or creating waste. This raise isn't a lifeline — it's a growth engine." Partha Kakati, Co-founder and COO, added, "Our tech-enabled supply chain is our backbone. This round will help us enhance that core, expand into new categories and regions, and continue setting new benchmarks in affordable, responsive fashion." Littlebox plans to use the funding to invest in category expansion, UI/UX improvement, packaging, logistics, and marketing, aiming to position itself as the go-to Gen Z fashion brand in India.
The Independent
a day ago
- Lifestyle
- The Independent
The quiet rebellion against fashion's social media algorithms
Social media has transformed fashion from a seasonal art form into a relentless cycle of consumption, powered by influencer culture, algorithmic micro-trends, and a deeply human need to belong. But as much as it accelerates fast fashion 's grip, social media also holds potential as a tool for resistance – one that campaigners and educators are learning to wield with nuance and purpose. 'Fashion marketing will go wherever the people are,' says Venetia La Manna, fair fashion campaigner and co-founder of Remember Who Made Them. 'Social media is an ideal place for brands to market to us, because the apps are free, so we think we're not paying. But we are—giving away our data, our attention, and often, our money.' Platforms like Instagram and TikTok have collapsed the distance between runway and wardrobe. Where once trends emerged over months, they now rise and fall in days – atomised into micro-trends dictated by clicks, views, and virality. Tamsin Blanchard, journalist and long-time advocate for ethical fashion, describes this as the "death of the season" and 'the end of meaningful subcultures', where even music-led trends vanish in a puff of plastic cowboy hats. Meanwhile, fast fashion giants like Shein have weaponised this speed, using influencers not only to promote but to test what will sell, producing limited runs based on likes, and scaling up before a trend has even peaked. 'Retailers have become algorithm-led,' says Blanchard. 'The system is now built for waste.' The psychology of the scroll From a psychological perspective, the allure of fast fashion's rapid turnover runs deep. Fashion psychologist Dion Terrelonge, explains that our desire to keep up is rooted in two fundamental human needs: belonging and novelty. 'Social media exploits our tribal instincts,' she says. 'Historically, being part of a group meant safety and access to resources. One way we signal belonging is through what we wear. When everyone's chasing the same aesthetic, it's about fitting in.' But it's also about chasing something new. 'Our brains are hardwired for novelty,' Terrelonge adds. 'It's how we learn and engage with the world.' That need for freshness makes us especially vulnerable to the next must-have look – fuelling endless cycles of buying, discarding, and starting again. The psychological toll is profound. Influencer culture often presents highly curated, idealised lifestyles that stretch the gap between who we are and who we think we should be. 'The bigger that gap, the more room for discontent,' says Terrelonge. 'We try to fill it with stuff – but the gap never closes, because the target keeps moving.' Influencing for good? For Venetia La Manna, that same algorithmic ecosystem is a battleground, and one she's determined to subvert. Her Instagram account offers sharp, funny takedowns of corporate greenwashing, disguised as glossy influencer content. 'You might think you're watching an ad,' she laughs, 'but boom – we're cooking up a corporation.' In 2020, as garment workers were left unpaid for completed orders during the pandemic, La Manna co-launched a campaign spotlighting their voices urging brands to pay up. Guided by advice from garment unions, she uses her platform to hold fashion's biggest players accountable. 'I try to punch up at every opportunity,' she says. 'Especially in a cost of living crisis.' Though she believes people can and do change, La Manna places more emphasis on structural reform than personal shopping habits. She points to a 2023 protest that called out Boohoo's ethical claims, resulting in national media coverage and a £55m drop in the company's share price. The power of connection Despite the dominance of digital trends, the seeds of resistance are sprouting offline too. 'There's real power in face-to-face learning,' says Blanchard. 'When we teach children to sew on a button, swap clothes, or fix a hem, they start to see clothes differently – not as disposable, but personal.' She also sees promise in fashion education: encouraging young people to develop personal style rather than being led by TikTok's ever-changing moods. 'Knowing what suits you and having the confidence to wear it – that's more sustainable than any algorithm could ever be.' Terrelonge agrees that rewiring our relationship with fashion starts with self-understanding. 'Good psychology always asks: why? Why do I want this? What am I trying to fix?' she says. 'When we understand the emotional drivers behind our consumption, we're in a better position to change it.' Tool or trap? One of social media's greatest contradictions is its ability to simultaneously connect and distance. While it's widened our exposure to the injustices behind our clothes, it can also flatten or obscure them. 'We're not great at empathising with people we don't see as part of our in-group,' says Terrelonge. 'And our brains will avoid discomfort when it threatens our wellbeing.' But this same digital proximity can also foster solidarity. As La Manna's campaigns show, seeing garment workers as real people, not faceless labour, can shift the story. 'If we're to really disrupt the system, we need systemic change, and that comes from organising and grassroots activism'. Ultimately, social media is neither the villain nor the hero in fashion's future – it's the mirror. And what it reflects depends on who's holding it. In an era of climate anxiety, fast fashion, and endless scrolling, it's easy to feel detached from the natural world. But could that disconnection be driving our desire to consume more – especially when it comes to what we wear? We're conducting a short survey to explore how our relationship with nature affects our fashion habits, and whether social media plays a role in shaping our choices. It takes just a few minutes, your input is completely confidential and will help provide insight into modern attitudes on sustainability and consumption.
CBC
4 days ago
- Business
- CBC
Manitoban recalls horrors of Bangladesh garment factories
Itrat Anwar recalls the "unbearable conditions" behind the fast fashion industry. He witnessed workers' suffering at Bangladeshi factories before he decided he could no longer be part of the system.
