6th Aug 2019 09:44
(Alliance News) - Women's fashion retailer boohoo Group PLC on Tuesday confirmed it has made a bid for the online businesses of Karen Millen and Coast.
boohoo made the statement in response to "recent media commentary", and did not give any financial details.
"The board confirms it has made an offer to acquire the online business of renowned British brands Karen Millen and Coast, together with all associated intellectual property rights," said boohoo.
"The group believes the online business of these brands would represent highly complementary additions to its scalable multi-brand platform and extend the group's offer as part of its vision to lead the fashion e-commerce market globally."
Karen Millen, a women's fashion brand, has a presence across Europe, Asia, the US, and Australia, with stories in over 65 countries. Its flagship stores are on London's Regent Street and New York's Fifth Avenue.
Coast's online operations are already owned by Karen Millen, as are UK concessions. However, standalone stores and mainland Europe concessions are not owned by Karen Millen.
boohoo shares were 3.4% higher on Tuesday morning at a price of 238.00 pence each.
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