boohoo acquires Debenhams brand for £55m
boohoo, the online retailer with a major distribution hub in Burnley, has acquired the intellectual property assets of Debenhams for £55m.
The deal includes the Debenhams brand and website but not any of the physical stores of the chain which entered into administration late last year.
With 300 million website visits per year, the Debenhams website is one of the country's top ten retail websites.
The group plans to launch an online Debenhams marketplace which will see fashion, beauty, sport and homeware goods sold through existing and new brand relationships. Brands within the group's existing portfolio will join the marketplace, while Debenhams' own brands will join the portfolio.
Mahmud Kamani, executive chairman of boohoo, said: "This is a transformational deal for the group, which allows us to capture the fantastic opportunity as ecommerce continues to grow.
"Our ambition is to create the UK’s largest marketplace. Our acquisition of the Debenhams brand is strategically significant as it represents a huge step which accelerates our ambition to be a leader, not just in fashion ecommerce, but in new categories including beauty, sport and homeware."
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