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UK online fashion retailer Boohoo.com bids for Nasty Gal
30
Dec '16
Courtesy: Boohoo
Courtesy: Boohoo
UK online fashion retailer Boohoo.com plc has signed an agreement to acquire certain intellectual property assets of US fashion ecommerce website Nasty Gal for $20 million. Earlier on November 9, 2016, Nasty Gal had filed for Chapter 11 Bankruptcy Code protection in the US Bankruptcy Court, and the sale will be governed by a court approved bidding process.

According to Boohoo.com, its bid may not result necessarily in a transaction, if higher or more favourable offers are obtained by Nasty Gal during the auction process.

Founded by Sophia Amoruso in 2006, Nasty Gal is a bold and distinctive brand for fashion-forward, freethinking young women and reported net revenue of $77.1 million in the fiscal ended February 1, 2016.

However, the US online fashion retailer posted a net loss of $21.0 million after taking operating costs into account. (AR)

Fibre2Fashion News Desk – India
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