Online fashion retailer Boohoo has bought the remaining stake in prettylittlething.com it did not already own for £269.8m, the company has announced.
Bosses said the amount could rise to £323.8m in what it called an “important further step towards achieving its vision to lead the fashion e-commerce market globally”.
In a trading statement, the Manchester-headquartered company said the acquisition alongside its other fashion brands will continue to “successfully disrupt” the international markets it operates in.
It is also of a wider strategy to take advantage of future M&A opportunities that are likely to emerge in the global fashion industry over the coming months, the group said.
Since Boohoo acquired its initial 66 per cent stake in PLT in January 2017, the brand beloved by Love Island stars has gone from strength to strength generating £516m of net sales in the year ending 29 February 2020.
That’s significantly up from £55m net sales in the year ending 28 February 2017.
In the last financial year, PLT achieved a pre-tax profit of £45.2m.
PLT’s senior management team including Umar Kamani and Paul Papworth will remain in their current roles and continue focusing on developing PLT into a global brand.
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Umar Kamani, founder & CEO of PLT said: “This deal represents another milestone in our journey at PLT.
“Since being a disruptive start-up in 2012 to a global fashion brand that generates over half a billion pounds in sales today, I am incredibly proud of what my team and I have achieved in such a short period of time.
“The team and myself have big ambitions for the brand, and I’m incredibly excited about what the future holds for PLT as it embarks on the next stage of its global journey as a fully-owned part of the Boohoo group.”
John Lyttle, Boohoo CEO added: “We are delighted to be acquiring the remaining 34 per cent stake in PLT. It has been a brand that has delivered strong growth as part of the boohoo group’s platform, and has a great future ahead of it in the 海角视频 and overseas.
“I look forward to building on the great working relationship with Umar and the senior team at PLT as the Group continues to move forwards with its multi-brand strategy as part of its vision to lead the fashion e-commerce market globally.”