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Boohoo obtains approval to acquire Nasty Gal
10
Feb '17
Courtesy: Boohoo
Courtesy: Boohoo
UK online fashion retailer Boohoo.com plc has obtained US Bankruptcy Court approval to acquire intellectual property assets and customer databases from retailer Nasty Gal Inc. for $20 million. The transaction, subject to the satisfaction of customary closing conditions waivable at the Boohoo Group’s discretion, is expected to complete on February 28, 2017.
 
Subsequent to Boohoo’s December 28, 2016 announcement that it had entered into an asset purchase agreement to acquire certain intellectual property assets and customer databases from retailer Nasty Gal, Boohoo was notified by Nasty Gal’s counsel that “no acceptable, qualifying bids have been received for the intellectual property assets and customer databases and, therefore no auction will take place.”
 
“We are delighted to have been successful in our bid to acquire Nasty Gal. It represents an exciting opportunity to accelerate our international offering and inspire an ever-growing range of young customers in the US and around the world,” commented Mahmud Kamani and Carol Kane, joint CEOs, Boohoo.
 
From the UK’s best kept fashion secret to one of the fastest growing international retailers, Boohoo has quickly evolved into a global fashion leader of its generation. Combining cutting-edge, aspirational design with an affordable price tag, Boohoo has been pushing boundaries since 2006 to bring its customers all the latest looks for less.
 
Founded in 2006, Los Angeles based Nasty Gal is a pioneer in both the curation and design of women’s clothing, shoes, and accessories. The company has a global presence in 180 countries and a social media following of over 3.5 million. (RKS)

Fibre2Fashion News Desk – India

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