Business
Acquisition of Karen Millen & Coast
Acquisition of Karen Millen & Coast.
About this update from Boohoo Group Plc
[{"type":"text","content":"\n \nRNS Number : 1229I boohoo group plc 06 August 2019 \n\n\n\n\nFOR IMMEDIATE RELEASE\n\n\n6 August 2019\n\n\n\n \nThe information contained within this announcement is deemed by the company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.\n \nboohoo group plc \n(\"boohoo\" or the \"Company\" and together with its subsidiaries the \"Group\" or \"boohoo group\")\n \nAcquisition of iconic British brands Karen Millen and Coast out of administration\nboohoo group plc, a leading online fashion group, is pleased to announce that it has completed an asset purchase agreement for renowned British brands Karen Millen and Coast. The brands were recently put up for sale by Icelandic bank, Kaupthing.\nThe Group has acquired the online business and all associated intellectual property rights from the administrators of Karen Millen Fashions Limited and Karen Millen Retail Limited, both of which entered into administration on 6 August 2019, for £18.2m, funded by the Group's existing cash resources.\nFounded by Karen Millen and Kevin Stanford in 1981, Karen Millen is known globally for creating beautifully crafted fashion for confident women who know their own style. Coast was founded in 1996 with the belief that life is for living, fashion should be fun and dressing up is for every day.\nThe Group believes that the online business of these brands are highly complementary additions to its scalable multi-brand platform and their acquisition extends the Group's offer as part of its vision to lead the fashion e-commerce market globally.\nIn its most recent financial year to February 2019, unaudited management information shows that direct online sales from the websites of Karen Millen and Coast totalled £28.4m.\nJohn Lyttle, Group CEO, commented:\n\"The acqui...