Fast fashion powerhouse Boohoo, encompassing brands like PrettyLittleThing, braces for a potential 17% sales drop this year. Intense rivalry with Shein and frugal consumer habits drive the retailer to unveil £125m in cost-cutting measures to rejuvenate its market presence.

Once hailed as a pandemic success story, Boohoo grapples with a recent sales downturn. The retailer, reporting £729m in sales for the six months ending August 31, faces the harsh reality of a 17% year-over-year decline.In a bid to enhance profitability, Boohoo initiates bold strategies such as introducing return charges and altering sourcing channels from Asia to Europe. These moves follow the brand’s acquisitions during the pandemic, including Nasty Gal, credited with popularizing the term “girl boss.”

Tech Titans in Subscription Wars: TikTok and Meta Explore Ad-Free Models

TikTok undertakes trials for a $4.99 monthly subscription sans ads in an undisclosed English-speaking market outside the US. Simultaneously, Meta contemplates ad-free subscriptions in the EU, navigating stringent advertising regulations. TechCrunch reports TikTok’s small-scale test, leaving global rollout uncertain. As TikTok and Meta venture into ad-free subscriptions, platforms like YouTube and X (formerly Twitter) have already embraced the trend. Users seek fewer or no ads for a monthly fee, reshaping the digital content consumption landscape.*

London Underground Strike Averted: Union Celebrates Negotiation Progress

Over 3,000 union members halt planned strikes on October 4 and 6 after fruitful negotiations. The RMT union reports preserving jobs, preventing roster alterations, and safeguarding earnings amidst ongoing discussions in the broader job, pensions, and working agreements dispute.