Pearson Edexcel Level 3 GCE Economics B Advanced PAPER 1: Markets and how they work mark scheme results November 2021

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pearson-edexcel-gce-question-booklet-mark-scheme-results-november-2021-economics-b-9eb0-paper-1-markets-and-how-they-work Answer ALL questions. SECTION A Read the following extracts (A–E) before ... answering Question 1. Write your answers in the spaces provided. Extract A Boo who? It has no high street shops and few people over the age of 40 will have even heard of it. However, online fashion retailer Boohoo is instantly recognisable to teenagers and twentysomethings. Thanks to its remarkable ability to copy celebrity fashion trends in a matter of days, it is one of the most extraordinary British success stories of recent times. The rags to riches story of Boohoo started with Mahmud Kamani. The Kamani family began selling handbags on a market stall and later sourced garments from India for a wholesale textile business. By the early 2000s, the company was selling £50m worth of garments a year to high street shops such as Topshop and Primark. Entrepreneur Mahmud spotted the astonishing opportunities that were created by the growth of the internet. In 2006, he and designer Carol Kane – now joint Chief Executive – set up Boohoo as an online retailer that would deliver their own branded fashion at rock-bottom prices. They started small, with just three staff in a Manchester warehouse. Their big advantage was that they could use local contacts – more than half of their garments are still made in Britain – to rush the latest fashion trends on to their website in weeks rather than the months it takes for garments from overseas. In 2014, Boohoo was floated on the stock exchange. The Boohoo company is now worth £3.7bn, employs nearly 2,000 people and has sponsored ITV2 reality show Love Island. It uses hundreds of bloggers and celebrity influencers to advertise the brand on Instagram, Twitter and Snapchat. Boohoo uploads as many as 120 new garments on to its website every day. It sells 50 dresses every minute. [Show More]

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