The leading online fashion group Boohoo has announced the completion of its purchase of fellow fashion brands Karen Millen and Coast for £18.2 million.
Boohoo Group’s purchase sees the firm acquire the online businesses and all associated IP after both firms entered administration earlier today.
Commenting on the purchase, John Lyttle, Boohoo Group CEO, commented: “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.”
Karen Millen was founded in 1981 and is known for women’s fashion, while Coast was founded in 1996.
At the time of the purchase, Boohoo has not specified whether both brands and their online businesses will continue to operate as normal; however, The Group did state that the online business of these brands are ‘highly complementary additions’ to their platform.