Online retailer Boohoo has announced it has acquired the remaining 34% stake in online fashion brand PrettyLittleThing for between £269.8 million and £323.8 million.
The Boohoo group has plans to seek out further merger and acquisition opportunities across the global fashion industry in the coming months.
Shares in Boohoo had recently slumped by 12% since the publishing of a note that suggested a recent £200m fundraising effort in the group would be handed out in dividends to majority share owner Umar Kamani. Since the announcement of the acquisition, the share price has rebounded by over 16%.
Boohoo group chief executive officer, John Lyttle, said about the acquisition: “We are delighted to be acquiring the remaining 34 per cent 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.”