Home Business NewsBusinessBusiness Growth Boohoo buys Karen Millen and Coast for £18m

Boohoo buys Karen Millen and Coast for £18m

by LLB Reporter
6th Aug 19 3:49 pm

Boohoo has acquired Karen Millen and Coast brand from administration for £18.2m on Tuesday afternoon.

Deloitte who was appointed administrator today said 62 redundancies have been made, Boohoo shares were up by 6.65% following today’s announcement.

Rob Harding, Deloitte joint administrator said, “Karen Millen has ben seeking to address the financial challenges that it faced by pursuing a sale of the business and, whilst a sale of the whole business has not been deliverable, the Boohoo transaction facilitates the survival of these iconic British brands through an online platform.

“We thank all employees and other key stakeholders for their support at this difficult time.”

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.”

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