Boohoo acquires British brands Karen Millen & Coast

10 Aug '19

2 min read

Pic: Boohoo

Boohoo, a leading online fashion group, has announced that it has completed an asset purchase agreement for renowned British brands Karen Millen and Coast. The brands were recently put up for sale by Icelandic bank, Kaupthing. Founded in Manchester in 2006, Boohoo is an inclusive and innovative brand targeting young, value-orientated customers.

Boohoo has acquired the online business and all associated intellectual property rights from the administrators of Karen Millen Fashions and Karen Millen Retail, both of which entered into administration on August 6, 2019, for £18.2 million, funded by the group’s existing cash resources, according to a press release.

Founded by Karen Millen and Kevin Stanford in 1981, Karen Millen is known globally for creating beautifully crafted fashion for confident women who know their own style. Coast was founded in 1996 with the belief that life is for living, fashion should be fun and dressing up is for every day. In its most recent financial year to February 2019, unaudited management information shows that direct online sales from the websites of Karen Millen and Coast totalled £28.4 million.

“The acquisition of the online business of two great and renowned British brands in Karen Millen and Coast represents another milestone in the group’s growth story as it continues to invest in its scalable multi-brand platform and gain further share in the global fashion ecommerce market,” John Lyttle, Boohoo CEO said. (GK)

Fibre2Fashion News Desk – India

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