boohoo lifted by PrettyLittleThing acquisition

Shares in AIM-listed digital fashion retailer boohoo Group (LON:BOO) rose by 13.85% to 381.30p (as of 16:30 BST) after it bought out the minority shareholders of its PrettyLittleThing subsidiary for an initial consideration of £269.8 million. Management said that the deal would be immediately earnings enhancing as it took full ownership of a brand with fast global growth and that the existing management team would remain in place.

Group CEO John Lyttle commented: “We are delighted to be acquiring the remaining 34% stake in PLT. 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 UK 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 e-commerce market globally“.