Boohoo Group (DEBS): Marketplace turnaround

This situation live

£393m · 25.4p · +119% since the first step

27 Nov 2025 · Under way; all brands EBITDA-profitable · +37% until the next step Our decisive cost elimination programme is nearing completion.

28 Jan 2026 · Ahead of plan; all brands profitable; PLT turnaround · −25% until the next step All our Brands continue to trade profitably.

17 Feb 2026 · All brands profitable; cost out ahead · −6% until the next step All brands are now trading profitably on an Adjusted EBITDA basis.

30 Mar 2026 · Ahead of plan; focus shifting to growth · +24% until the next step Our pivot to the stock-lite, capital-lite, highly profitable marketplace is working.

14 Jul 2026 · Trading positive in June and July · +1% until the next step We are pleased with the continued positive trading through June and July.

Turnaround plan with targets

Marketplace turnaround

H1 growth accelerated; marketplace mix 38.9%

Next: Year-end FY27 results: negligible net debt, no less than £59m Adjusted EBITDA

Every step · 9

27 Nov 2025 Under way; all brands EBITDA-profitable – Our decisive cost elimination programme is nearing completion. ↗
28 Jan 2026 Ahead of plan; all brands profitable; PLT turnaround – All our Brands continue to trade profitably. ↗
17 Feb 2026 All brands profitable; cost out ahead – All brands are now trading profitably on an Adjusted EBITDA basis. ↗
30 Mar 2026 Ahead of plan; focus shifting to growth – Our pivot to the stock-lite, capital-lite, highly profitable marketplace is working. ↗
3 Jun 2026 Back to growth; cost-out ahead of plan – Significant cost has been removed from the business and fixed costs are on track to reduce to £100m through 2027. ↗
16 Jun 2026 FY26 audited; growth and cost-out continuing – Significant cost has been removed from the business and fixed costs are on track to reduce to £100m through 2027. ↗
14 Jul 2026 Trading positive in June and July – We are pleased with the continued positive trading through June and July. ↗
10 Sep 2026 Q2 GMV growth accelerated – As previously announced, the Company returned to GMV growth in Q1 and the Board is pleased to report that growth accelerated in Q2. ↗
17 Sep 2026 H1 growth accelerated; marketplace mix 38.9% – All brands have completed the transition to the marketplace model, and the Group’s ambition is for marketplace to represent well over 50% of GMV. ↗

What is happening

Boohoo Group: Marketplace turnaround – H1 growth accelerated; marketplace mix 38.9%. ['H1 growth accelerated; marketplace mix 38.9%']

In short: Turnaround to an asset-lite marketplace model, open since 27 Nov 2025. FY26 Adjusted EBITDA was £53.3m, and on 10 Sep 2026 Q2 GMV growth accelerated. The 17 Sep 2026 H1 update showed GMV +1.8%, Debenhams brand +14.1%, marketplace mix 38.9%, Adjusted EBITDA +13.9% to £24m. FY27 guidance of no less than £59m is reiterated.
Announced: 27 Nov 2025 · Under way; all brands EBITDA-profitable
Latest: 17 Sep 2026 · H1 growth accelerated; marketplace mix 38.9%
Q2 trading: GMV growth accelerated in Q2 after return to growth in Q1
Fulfilment: 3PL agreement to scale Delivered by Debenhams beyond fashion
H1 GMV: £864m, +1.8%; Q1 +0.5% accelerating to Q2 +2.9%
Marketplace mix: 38.9% (H1 FY26: 32.7%); ambition well over 50% of GMV
H1 Adjusted EBITDA: £24m, +13.9%; reported EBITDA £20m (H1 FY26: -£3m)
FY27 guidance: Adjusted EBITDA no less than £59m, double-digit growth, in line with consensus
Cost programme: £100m fixed cost target on track; cumulative reduction c.£200m
FY28 savings: Depreciation £14m (FY27: £22m); lease costs £4m (FY27: £14m); interest down at least c.£10m

Year-end FY27 results: negligible net debt, no less than £59m Adjusted EBITDA.

Briefing Pro

What it does, how it got here, what management promised and delivered – written from its own announcements.

From the company's own announcements. Not investment advice.

Also at Boohoo Group 3 open