boohoo splashes out on acquisition of Arcadia brands with £25.2m deal
Fashion retailer boohoo has announced that it has agreed on a £25m deal to acquire three high street brands.
boohoo, which owns PrettyLittleThing, Karen Millen and Oasis, confirmed today (8 February) that it will be acquiring former Arcadia brands Dorothy Perkins, Burton and Wallis.
The company announced last month that it was in talks with Arcadia’s administrators.
The £25.2m deal will see boohoo take over all ecommerce and digital assets of the brands, but does not include physical stores.
The brands will be integrated into the group’s platform by the end of February.
John Lyttle, CEO of boohoo, commented: “We are delighted to announce the acquisition of the assets associated with the online businesses of the three established brands Burton, Dorothy Perkins and Wallis.
“Acquiring these well-known brands in British fashion out of administration ensures their heritage is sustained, while our investment aims to transform them into brands that are fit for the current market environment.
“We have a successful track record of integrating British heritage fashion brands onto our proven multi-brand platform, and we are looking forward to bringing these brands on board.”
Mahmud Kamani, executive chairman, said: “This is a great acquisition for the group as we extend our market share across a broader demographic, capitalising on growth opportunities as more and more customers shop online.
“We continue to grow our portfolio of brands and customer base, strengthening our position as a leader in global fashion e-commerce.”
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