Online clothes retailer Boohoo set to raise £200m 

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Online clothes retailer Boohoo set to raise £200m to snap up global fashion brands on the cheap

By Daily Mail City & Finance Reporter

Published: | Updated:

Shopping spree: Boohoo is planning to snap up global fashion brands on the cheap

Boohoo was set to raise £200million in new equity overnight as it prepares to snap up global fashion brands on the cheap.

The £3billion online clothes group has found early success in integrating the Karen Millen and Coast brands on to its platform, helping to broaden its appeal beyond its traditional 16 to 24-year-old customer base.

Outlining its plans to raise more cash last night, Boohoo said it ‘intends to use the proceeds to take advantage of numerous opportunities that are likely to emerge in the global fashion industry over the coming months’.

Boohoo has also proved resilient in lockdown. After an initial dip in sales, it returned to growth in April, and yesterday bosses said trading remained ‘robust’.

Web sales have benefited and it reported revenue growth of 44 per cent in the year to February 29 to £1.2billion, pushing profit up by 54 per cent to £92.2billion. In the UK sales were up 39 per cent.

Shares fell yesterday, however, closing down 2.1 per cent.

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