Brand acquisition pushes boohoo upwards

AIM-listed online clothes retailer boohoo (LON:BOO) has seen its shares climb by 4.78% to 241.10p (as of 14:50 BST) after it acquired the Karen Millen and Coast brands out of administration. The company has bought all intellectual property and online business assets for a cash consideration of £18.2 million, funded from existing cash reserves.

CEO John Lyttle said: “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“.