Boohoo looks to buy fashion brands
Listed fashion business Boohoo, which has a major distribution operation in Burnley, has confirmed it is looking to buy the online business of two well-known British brands.
In a statement today it said it was in discussions to acquire the online business of Karen Millen and Coast, together with all associated intellectual property rights.
The statement said: “The group believes that the online business of these brands would represent highly complementary additions to its scalable multi-brand platform and extend the group’s offer as part of its vision to lead the fashion e-commerce market globally."
Boohoo added: “These discussions may or may not result in agreement of a transaction. A further announcement will be made when appropriate.”
In June, Boohoo revealed it had seen its first quarter revenues grow to more than £250m – up 39 per cent year on year.
The business saw strong growth across all geographies in the first three months to May 31 – with the UK up 27 per cent and international sales up 56 per cent.
The online business of these brands would represent highly complementary additions to its scalable multi-brand platform
The business is behind a number of well-known fashion brands including PrettyLittleThing and Nasty Gal.
Speaking in June, Boohoo chief executive John Lyttle said: “The group has made a strong start to the year as we continue to disrupt and capture market share in the UK and internationally across all our brands.
“We have ambitious plans for the group and continue to invest to ensure that our scalable multi-brand platform is well-positioned to disrupt, gain market share and capitalise on the global opportunity in front of us.”
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