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16 Jun 2020 | 21:43

Boohoo to announce acquisition of Oasis, Warehouse - report

(Sharecast News) - Fast-fashion retailer Boohoo could announce the purchase of Oasis and Warehouse alongside its first-quarter results on Wednesday. Sky News cited sources as saying that their online businesses and associated intellectual property would be bought by Boohoo, which also owns PrettyLittleThing and Nasty Gal.

Retail investor Hilco Capital bought the brands and stock of Oasis and Warehouse when they collapsed into administration in late April.

Sky said the price tag was unclear, although an insider said it was "considerably less" than the £18m Boohoo paid for Coast and Karen Millen in August 2019.

Last month, Boohoo announced it had bought the remaining 34% stake in PrettyLittleThing from its minority shareholders for an initial consideration of £269.8m. The stake will be purchased from Umar Kamani - the son of Boohoo's co-founder Mahmud Kamani - and Paul Papworth.

Boohoo said the acquisition price could rise to £323.8m if the PLT share price averages 491p over a six-month period between completion and 14 March 2024.

News of the acquisition came just days after short-seller ShadowFall put out a damning report on Boohoo, accusing the retailer of misleading investors over cash flow and profits.

Boohoo bought its initial 66% stake in PLT in January 2017.

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