TIDMBOO
RNS Number : 1229I
boohoo group plc
06 August 2019
FOR IMMEDIATE RELEASE 6 August 2019
The 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.
boohoo group plc
("boohoo" or the "Company" and together with its subsidiaries
the "Group" or "boohoo group")
Acquisition of iconic British brands Karen Millen and Coast out
of administration
boohoo 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.
The 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 GBP18.2m,
funded by the Group's existing cash resources.
Founded 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.
The 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.
In 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 GBP28.4m.
John Lyttle, Group CEO, commented:
"The acquisition of the online business of two great and
renowned British brands in Karen Millen and Coast represents
another milestone in the Group's growth story as it continues to
invest in its scalable multi-brand platform and gain further share
in the global fashion e-commerce market."
Further financial information
Karen Millen Fashions Limited and Karen Millen Retail Limited
are subsidiaries of Karen Millen Holdco 1 Limited. Audited accounts
for Karen Millen Holdco 1 Limited for the financial year ended
February 2018 showed turnover of GBP161.9m and an operating loss of
GBP1.4m, which includes all revenues and costs associated with its
retail, wholesale, franchising and licensing operations. In October
2018, the Coast brand was acquired out of administration by Karen
Millen Fashions Limited, with unaudited management information
showing that revenues across all operations for both brands
totalled GBP174.1m for the financial year to 28 February 2019, of
which direct online sales were GBP28.4m, as noted above.
Investor and analyst conference call
A conference call for analysts and investors will be held today
at 3.30pm (BST).
Dial in details for the call are as follows:
United Kingdom Toll-Free: 08003589473
United Kingdom Toll: +44 3333000804
Participant Pin Code: 55437454#
For international access numbers, please click here
Notice of results
The Group expects to report its Interim results for six months
to 31 August 2019 on 25 September 2019.
Enquiries
boohoo group plc
Neil Catto, Chief Financial Officer Tel: +44 (0)161 233 2050
Alistair Davies, Investor Relations Tel: +44 (0)161 233 2050
Clara Melia, Investor Relations Tel: +44 (0)20 3289 5520
Zeus Capital - Nominated adviser and
joint broker
Nick Cowles/Andrew Jones (Corporate Tel: +44 (0)161 831 1512
Finance)
John Goold/Benjamin Robertson (Corporate Tel: +44 (0)20 3829 5000
Broking)
Jefferies Hoare Govett - Joint broker
Philip Noblet/Max Jones Tel: +44 (0)20 7029 8000
Buchanan - Financial PR adviser boohoo@buchanan.uk.com
Richard Oldworth/ Sophie Wills/ Maddie Tel: +44 (0)20 7466 5000
Seacombe
About boohoo group plc
"Leading the fashion eCommerce market"
Founded in Manchester in 2006 by Mahmud Kamani and Carol Kane,
boohoo is an inclusive and innovative brand targeting young,
value-orientated customers. For 13 years, boohoo has been pushing
boundaries to bring its customers up-to-date and inspirational
fashion, 24/7. boohoo has grown rapidly in the UK and
internationally, expanding its offering with range extensions into
menswear, through boohooMAN.
In early 2017 the group extended its customer offering through
the acquisitions of the vibrant fashion brand PrettyLittleThing,
and free-thinking brand Nasty Gal and in March 2019 acquired the
MissPap brand. United by a shared customer value proposition, our
brands design, source, market and sell great quality clothes, shoes
and accessories at unbeatable prices. This investment proposition
has helped us grow from a single brand, into a major multi-brand
online retailer, leading the fashion eCommerce market for 16 to
30-year-olds around the world. As at 28 February 2019, the boohoo
group had around 13 million active customer accounts across all its
brands around the world.
Today's announcement extends the reach of the Group's
multi-brand platform into a new demographic. The iconic Karen
Millen and Coast brands will continue to be positioned with
beautifully crafted fashion.
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END
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August 06, 2019 08:57 ET (12:57 GMT)
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