Boohoo Group is reportedly planning to axe around 200 jobs at its head office as part of a cost-saving redundancy programme.

Sources told Drapers that the cuts will take place across Boohoo and PrettyLittleThing, with staff working in the marketing, tech, merchandising, design, buying, and analytics departments impacted by the move.

According to the company's previous annual financial report for the year ended 24 February 2024, Manchester-headquartered Boohoo has just over 2,098 people working in administration, down from 2,475 in 2023.

The company's total workforce, including distribution, declined from 6,190 staff to 5,079 between 2023 and the beginning of 2024.

The latest cuts come after the fast fashion retailer, which also owns well-known brands Karen Millen and Debenhams, reported a slump in sales for the six months to 31 August.

Revenues dropped 15 per cent to £620 million, while gross merchandise value fell seven per cent to £1.18 billion.

The company has rolled out a series of measures taken to reverse the drop in revenues.

This includes securing a new £222 million debt facility comprising a £125 million revolving credit facility maturing in October 2026 and a £97 million term loan repayable by August 2025.

The company recently announced that chief executive John Lyttle would depart after five years at the helm, as the company launched a strategic review and signs a new debt deal.

Last month, the British online fashion retailer appointed Dan Finley as Lyttle's replacement, rejecting demands from its largest shareholder Frasers Group to install Mike Ashley in the role.

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