boohoo in talks to acquire high street brands
Online retailer boohoo has revealed that it is in advanced talks to acquire Karen Millen and Coast in a pre-pack adminstration deal. Administrators Deloitte have been appointed today.
In a statement boohoo said "The board confirms that it has made an offer for acquire the online business of renowned British brands Karen Millen and Coast, together with all associated intellectual prooperty 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 group's offer as part of its vision to lead the fashion eCommerce market globally."
It is understood that the management of Karen Millen and Coast, brands owned by Kaupthing, had been trying to achieve a solvent sale of the brands for the past six weeks. Together the two fashion brands employ around 1100 staff in 30 standalone stores and 175 concessions in the UK.