6th Aug 2019 14:11
(Alliance News) - Online women's fashion retailer boohoo Group PLC has sealed the GBP18 million acquisition of Karen Millen and Coast online, it said Tuesday.
This comes after earlier on Tuesday boohoo confirmed, in response to press reports, it was to buy the online operations of both Karen Millen and Coast from Icelandic bank Kaupthing.
Coast's online operations are already owned by Karen Millen, as are UK concessions. However, standalone Coast stores and mainland Europe concessions are not owned by Karen Millen.
boohoo is paying GBP18.2 million for the two assets, from existing cash. In its year to February, Karen Millen and Coast's combined online sales totalled GBP28.4 million.
boohoo Chief Executive John Lyttle said: "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 e-commerce market."
boohoo shares were 4.6% higher on Tuesday afternoon in London at 240.70 pence each.
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