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(Sharecast News) - Fast fashion retailer Boohoo Group has asked suppliers for discount on orders, it was reported on Friday, as it looks to tightly manage costs.
According to The Times, all suppliers received a call on Thursday requesting a 10% discount on all delivered and undelivered clothing orders.
One unnamed supplier told the newspaper: "This is major self-harm. They are struggling to find suppliers and now they are screwing the ones they have."
Boohoo has yet to comment on the report. However, The Times quoted an unnamed source close to the company, who said: "Suppliers were quick to put their prices up, but have not brought them down again despite deflation seen in some areas."
Like many online retailers, Boohoo enjoyed a boom during the pandemic. However, since then it has seen a resurgence in bricks and mortar shopping alongside the cost of living crisis and surging inflation, and is looking to cut costs.
It has already slashed inventory and is understood to be consulting on more than 100 redundancies in its head office.
In January, Boohoo reported weak festive sales, with revenues in the four months to December end down 13% at £638m, and warned that annual sales would be around 12% lower.
