AIM-listed giant boohoo (BOO) has confirmed recent media speculation by announcing it has made an offer to acquire the online section of British brands Karen Millen and Coast.
The leading online fashion group argued in a statement about its intent to purchase, “that the online business of these brands would represent highly complementary additions to its scalable multi-brand platform.”
boohoo also noted that, should a purchase transpire, it would also would acquire Karen Millen and Coast’s associated intellectual property rights.
Essentially, such a move would further tighten boohoo’s grip, currently valued at £2.6bn, on the UK fashion e-commerce market.
Talks have been led by Deloitte for the past several weeks, according to the BBC. Yet, nothing has been said about the fate of Karen Millen’s 30 standalone stores and 175 concessions in the UK.
boohoo stated it would provide further information “when appropriate.”
For more news and updates on boohoo: