- Prachi Singh |
Online fashion retailer Boohoo Group plc has confirmed its interest in struggling fashion businesses Karen Millen and Coast. Boohoo said in a statement that it has made an offer to acquire the online business of British brands Karen Millen and Coast, together with all associated intellectual property rights.
“The group believes that the online business of these brands would represent highly complementary additions to its scalable multi-brand platform and extend the its offer as part of its vision to lead the fashion e-commerce market globally,” the company said.
Sky News first reported yesterday that Boohoo was in advanced talks to buy Karen Millen and sister brand Coast through an insolvency process known as a pre-pack administration.
Following the appointment of administrators from PwC for Coast last October, Karen Millen had acquired Coast, after which its 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 saving around 600 jobs.