- Prachi Singh |
After confirming its interest in acquiring Karen Millen and Coast, online fashion retailer Boohoo Group plc has announced that it has completed an asset purchase agreement for both these British brands. The company said that 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 for 18.2 million pounds.
"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," said John Lyttle, Boohoo Group CEO in a statement.
Boohoo acquires Karen Millen and Coast
Commenting on the purchase, Boohoo further said: “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, the company said, unaudited management information shows that direct online sales from the websites of Karen Millen and Coast totalled 28.4 million pounds. The brands were recently put up for sale by Icelandic bank, Kaupthing.
Founded by Karen Millen and Kevin Stanford in 1981, Karen Millen is known for its beautifully crafted fashion for women, while Coast founded in 1996 was acquired by Karen Millen last October, after which the brand’s premium occasion wear began trading under Karen Millen across its various websites, concessions across the UK and Republic of Ireland and through wholesale and franchise partners.