The online department store has announced a 65% increase in sales since last year with well-known brands driving the retailer’s popularity with online shoppers.
Boohoo Group-owned Debenhams recorded a 65% year-on-year rise in revenues for the year to February 29, 2024.
The retailer’s leap in sales comes after what Debenhams described as an “intense online shopping period” – with events such as Black Friday and Cyber Monday contributing to the brand’s revenue growth.
The online department store has also recorded a £3.27m profit after tax, attributing its recent success to a “capital-light, cash generative” marketplace strategy.
Debenhams now offers 10,000 brands to customers as part of its expansion plan under new chief executive Dan Finley’s marketplace strategy. The retailer is also adding a new fulfilment service in the coming months, first announced in September, where UK brand partners can offer next-day delivery for shoppers.
Well-known brands such as YSL, Prada and Lego are helping the group grow, with Debenhams’ recent Christmas campaign receiving strong customer feedback.
The group is focusing on creating community through adoption of select of brands across fashion, home and beauty to attract customers.
The retailer’s parent group Boohoo has also recently announced plans for new international websites in Australia and Ireland.
In a statement, Dan Finley said: “We bought it out of administration and are making great progress transforming it into Britain’s online department store.
“The marketplace model is stock-light, capital-light and highly profitable, as these results show.
“There is lots of opportunity ahead and we are focused on realising that for the benefit of all shareholders. We have previously announced that the current year started strongly for Debenhams.”
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