Pretty Little Thing co-founder acquires 3% stake in Boohoo
Earlier this year, Kamani revealed he would be stepping down as CEO of Pretty Little Thing, which was acquired by Boohoo in May 2020
Umar Kamani, the co-founder of Pretty Little Thing, has bought a 3% stake in Boohoo, according to a recent filing on the London Stock Exchange.
Earlier this year, Kamani revealed he would be stepping down as CEO of Pretty Little Thing, which was acquired by Boohoo in May 2020.
Kamani, who set the company up with his brother in 2012, said that he would still continue to support the brand on some projects until a new CEO is named.
News of his share purchase comes despite Boohoo posting a full-year loss of £90.7m in the year ended 28 February, with sales falling by 11% to £1.77bn.
However, there has still been interest in the group, and earlier this year Mike Ashley’s Frasers Group announced it had made a “strategic investment” in the online retailer.
At the time, Frasers told shareholders that driving growth through strategic investments is a “core part” of its DNA and as such has acquired a 5% stake in Boohoo.
Frasers said: “Boohoo is an attractive proposition to us with its laser focus on young female consumers. We see potential synergies and an opportunity to strengthen our own brand proposition in collaboration with Boohoo, most obviously with Frasers Group brands I Saw It First and Missguided.”
