Netflix and TikTok boost overseas sales, says Next

Published On Sep 19, 2024, 4:39 AM

Next, the UK retailer, has reported a 23% jump in overseas sales in the first half of its financial year, greatly influenced by global streaming services like Netflix and TikTok that expose consumers to various international fashion trends. Sales growth in the UK was only 1%. The company is experiencing strong sales in affluent countries closer to the UK, such as those in mainland Europe and has seen rapid growth in the Americas by 67%. To capitalize on this growth, Next plans to increase overseas marketing spending significantly, boosting it from £24 million to £41 million. Overall, Next's sales rose 8% to £2.9 billion with a 7.1% increase in pre-tax profits, leading the company to raise its profit guidance for the year to £995 million.