Boohoo doubles profits after celebrity Instagram ties

Manchester fashion retailer, Boohoo, is celebrating their fashion successes after it was revealed that their profits have nearly doubled.

This increase in profits was aided by paying celebrities and other social media influences to promote the products on Instagram.

The company has since turned its founders, including Mahmud Kamani, into multi-millionaires. According to reports, sales had risen by 51% to £295million, this pushed the retailers pre-tax profit up by 97% to £31million.

Boohoo’s shares have risen by more than 270%, from 50p to 186p, over the past 12 months.

The Manchester retailer has consistently blown City forecasts out of the water since a faltering start on the stock market.

TNT Business

Photo Credit: boohoo.com

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