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UK's Boohoo acquires remaining stake in PrettyLittleThing
28 May '20
1 min read
Pic: Boohoo
British online fashion retailer Boohoo recently announced it has acquired the remaining 34 per cent stake in online fashion brand PrettyLittleThing (PLT) from minority shareholders Umar Kamani and Paul Papworth for an initial consideration of £269.8 million, with a potential to rise to £323.8 million. The deal is part of a wider growth strategy for the group.
The group plans to seek out merger and acquisition opportunities across the global fashion industry over the coming months, according to British media reports.
“We are delighted to be acquiring the remaining 34 per cent stake in PLT. It has been a brand that has delivered strong growth as part of the boohoo group’s platform, and has a great future ahead of it in the UK and overseas,” Boohoo group chief executive officer John Lyttle said.
The group plans to seek out merger and acquisition opportunities across the global fashion industry over the coming months, according to British media reports.
“We are delighted to be acquiring the remaining 34 per cent stake in PLT. It has been a brand that has delivered strong growth as part of the boohoo group’s platform, and has a great future ahead of it in the UK and overseas,” Boohoo group chief executive officer John Lyttle said.
Fibre2Fashion News Desk (DS)
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