Peter Williams to join Boohoo.com ahead of upcoming IPO

British online fashion retailer Boohoo.com is preparing to take on Peter Williams, former director at Asos, as non-executive chairman in anticipation of its impending float, which was previously valued at 500 million pounds. Williams new appointment at Boohoo.com is thought to be confirmed in a

company statement within the next few weeks, which will also include the online fashion retailer's plans to list shares on the stock exchange sometime next month.

The former Asos

director has held a number of non-executive and executive roles at in the past prior to working for the online retailer, including chairman of JJB Sports and finance director of Selfridges, and is rumored to be among the country's veteran public company directors, according to Sky News.

Boohoo to hire ex-Asos director in preparation of future IPO

Williams upcoming appointment at Boohoo is thought to create a feeling of reliability for the company and help attract future investors for its upcoming IPO.

The Manchester-based online company previously reported a 3.2 million pounds pre-tax profit on 67 million pounds turnover for the year ending February 2013, up from 29 million pounds in 2012. Inside sources also highlighted that the recent reorganization of the company could potential lead to another increase in this years profits, which would also appeal to investors.

The online fashion retailer runs on a scheme known as Test and Repeat, which gives it access to smaller production capacities at higher-quantity prices and led to industry experts speculating that Boohoo will portray itself to future investors as secure investment, with exceptional margins thanks to its own brand assortment of over 8,000 products and superior supply chain.

Boohoo.com was founded in Manchester in 2006 by Carol Kane and Mahmud Kamani, who are thought to be the majority shareholders. The fashion retailer sells its own affordable brand of trendy and stylish clothing for fashion lovers across the globe.

Buchanan has been appointed as financial PR advisers to Boohoo and a company spokesperson shared that they were unable to issue an official statement concerning Pete Williams appointment or Boohoo intention to float.