Boohoo fails to lure shoppers with discounts as rival Shein takes a bite

Fast fashion retailer expects annual sales to fall by between 12% and 17% as buyers return to high street

Boohoo has warned that sales will fall by more than expected this year as shoppers buy fewer items than hoped for amid heavy competition from the Chinese rival Shein and the revival of high street shopping.

The online fast fashion specialist said it expected annual sales to fall by between 12% and 17%, a dive from the maximum 5% drop previously forecast, as analysts said the group had lost market share despite price cuts.