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06 Aug 2019 | 14:06

Boohoo acquires Karen Millen and Coast for £18.2m

Online fashion retailer Boohoo Group said it had agreed to acquire British brands Karen Millen and Coast for £18.2m.

The brands were put up for sale by Icelandic bank Kaupthing after two Karen Millen companies went into administration.

Boohoo said the online business of the brands were 'highly complementary additions to its scalable multi-brand platform'.

In its most recent financial year to February 2019, direct online sales from the websites of Karen Millen and Coast totalled £28.4m.

'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,' chief executive John Lyttle said.

At 2:06pm: (LON:BOO) Plc share price was +10.15p at 240.25p

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