Boohoo snaps up Dorothy Perkins, Wallis and Burton in £25m deal that does NOT include stores as online fashion giants continue to carv
Boohoo snaps up Dorothy Perkins, Wallis and Burton in £25m deal that does NOT include stores as online fashion giants continue to carve up Sir Philip Green’s Arcadia empire
Boohoo has today announced £25.2million deal to buy Dorothy Perkins, Wallis and Burton as the fast fashion giant carved up the remains of Sir Philip Green’s Arcadia empire with rival ASOS.
The online giant, owned by billionaire Mahmud Kamani, said they would be buying the brands and stock but would shut physical stores, concessions or franchises.
The deal comes weeks after Boohoo bought Debenhams and days after ASOS bought other Arcadia brands, including Topshop and Topman, out of administration a week ago.
Boohoo chief executive John Lyttle said: ‘We are delighted to announce the acquisition of the assets associated with the online businesses of the three established brands Burton, Dorothy Perkins and Wallis.
‘Acquiring these well-known brands in British fashion out of administration ensures their heritage is sustained, while our investment aims to transform them into brands that are fit for the current market environment.
‘We have a successful track record of integrating British heritage fashion brands onto our proven multi-brand platform, and we are looking forward to bringing these brands on board.’
Boohoo chairman Mahmud Kamani added: ‘This is a great acquisition for the group as we extend our market share across a broader demographic, capitalising on growth opportunities as more and more customers shop online.
‘We continue to grow our portfolio of brands and customer base, strengthening our position as a leader in global fashion e-commerce.’