Boohoo is rebranding its fast fashion empire in hopes of reviving its business. The online fast fashion retailer is rebranding as Debenhams, shifting away from the name of its struggling youth-focused brand and reviving the iconic British department store it acquired in 2021. The move comes after the company took a £40M ($51M) hit on excess stock and reported a 16% drop in revenue. Boohoo-owned fast fashion shop PrettyLittleThing is also in midst of a rebrand, but the youth label is still facing challenges. However, Debenhams has become Boohoo’s success story, now operating as an online marketplace with U.K. heritage labels like Wallis and Dorothy Perkins. But with competition from fast fashion giants like SHEIN and Temu, as well as ongoing leadership shake-ups, Boohoo’s turnaround is still a work in progress. (BoF)
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