Karen Millen CEO exits following Boohoo acquisition

The CEO of Karen Millen and Coast, Beth Butterwick, has reportedly left her role after the two brands were acquired earlier this month by online fashion retailer Boohoo.

All pattern cutting roles at the brands have reportedly also been placed into consultancy, with those affected offered redeployment opportunities at Boohoo's Manchester headquarters, a source close to the situation told Drapers.

Earlier this month, Boohoo Group plc acquired Karen Millen and Coast for 18.2 million pounds in a pre-pack administration deal. The two brands will continue to trade through their 32 stores and 177 concessions across the country for a short period as the administration process continues.

Commenting on the acquisition in a statement, Boohoo Group CEO John Lyttle, said: “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.”

Last year, Karen Millen acquired Coast’s UK concessions portfolio and online businesses.

According to Boohoo, unaudited management information showed that revenues across all operations for both Karen Millen and Coast totalled 174.1 million pounds for the financial year to 28 February 2019, of which direct online sales were 28.4 million pounds.

Photo courtesy of Karen Millen

 

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