Boohoo acquires remaining Arcadia brands for £25m
Mon, 08 Feb 2021 | BUSINESS SALE
Online fashion retailer Boohoo has acquired the former Arcadia group brands Dorothy Perkins, Wallis and Burton in a £25 million deal. As with ASOS’s acquisition of Arcadia’s Topshop, Topman, Miss Selfridge and HIIT, and Boohoo’s acquisition of Debenhams, the deal does not include any of the brands’ 214 UK stores. These stores will now close.
The deal encompasses the brands’ e-commerce business, digital assets and association intellectual property (IP) rights, including customer data, business information and inventory. The acquisition completed the break-up of Sir Philip Greene’s Arcadia group, which collapsed last year.
Boohoo, like ASOS, has benefitted from the increased popularity of online shopping during COVID-19 and has already acquired the brands Oasis, Coast and Karen Millen out of administration, along with its recent deal for Debenhams.
The company said that the brands had 2 million active customers in 2020 and that their acquisition would enable it to strengthen its market share with a broader demographic.
Boohoo Chief Executive John Lyttle said: "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."
Mahmud Kamani, Boohoo Executive Chairman, 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."
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