UK-based online fashion retailer Boohoo recently completed its £200-million fundraising and soon after declared its intention to further acquire high street retailers affected by the COVID-19 crisis. Boohoo, the first UK retailer to explicitly link its fundraising to acquisitions, launched the fundraising round three weeks after it reported having over £240 million of net cash at the end of February.
Its chief executive John Lyttle said the group would look at deals in Europe and the United States.UK retailer Boohoo recently completed its £200-million fundraising and soon after declared it will acquire high street retailers hit by the COVID-19 crisis. Boohoo, the first UK retailer to explicitly link its fundraising to acquisitions, launched the fundraising round three weeks after it reported having over £240 million of net cash in February end.#
The retailer said it would “take advantage of numerous opportunities that are likely to emerge in the global fashion industry over the coming months” and was reviewing a number of possible merger and acquisition deals, according to British media reports.
Boohoo has a strong track record of acquiring other struggling retailers, including Nasty Gal, MissPap as well as Coast and Karen Millen.
Fibre2Fashion News Desk (DS)
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