boohoo acquires remaining stake in PrettyLittleThing in growth drive
Online fashion retailer boohoo has announced it has acquired the remaining 34 per cent stake in PrettyLittleThing (PLT).
The group has purchased the remaining stake in the online fashion brand from minority shareholders Umar Kamani and Paul Papworth for an initial consideration of £269.8m, with a potential to rise to £323.8m.
The deal is part of a wider growth strategy for the group, which has plans to seek out merger and acquisition opportunities across the global fashion industry over the coming months.
John Lyttle, boohoo group CEO, commented: “We are delighted to be acquiring the remaining 34 per cent stake in PLT. It has been a brand that has delivered strong growth as part of the boohoo group’s platform, and has a great future ahead of it in the UK and overseas.
“I look forward to building on the great working relationship with Umar and the senior team at PLT as the Group continues to move forwards with its multi-brand strategy as part of its vision to lead the fashion e-commerce market globally.”
Umar Kamani, founder & CEO of PrettyLittleThing, commented: “This deal represents another milestone in our journey at PLT.
“Since being a disruptive start-up in 2012 to a global fashion brand that generates over half a billion pounds in sales today, I am incredibly proud of what my team and I have achieved in such a short period of time.
“The team and myself have big ambitions for the brand, and I’m incredibly excited about what the future holds for PLT as it embarks on the next stage of its global journey as a fully-owned part of the boohoo group.”
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