Acquiring the remaining 34 percent minority share in the ecommerce retail brand Pretty Little Thing, Boohoo Group closed the deal at £323.8 million with an aim of enhancing earnings with immediate effect.
"This deal represents another milestone in our journey at PLT,” says Umar Kamani, founder, chief executive officer, Pretty Little Thing. “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."
Generating £516 million in net sales year-ending February 2020, the acquisition of Pretty Little Thing has placed an emphasis on Boohoo Group’s position in the e-commerce fashion retail market and completes the initial majority stake purchase from January 2017.
"We are delighted to be acquiring the remaining 34 percent stake in PLT,” says John Lyttle, group chief executive officer, Boohoo Group. “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 U.K. 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 ecommerce market globally."