Boohoo open to acquiring new brands, but only if opportunities arise

Boohoo Group, the British online fashion retailer, has said that it is actively not considering acquiring new brands.

However, it quickly added that it will not step away from purchasing new brands if and when there are opportunities.

More on this, John Lyttle, CEO, Boohoo Group, said that the Group was pleased with its brands. He added that while Debenhams.com relaunched on 12 April, Dorothy Perkins, Wallis and Burton at the beginning of last week, but the key now is building functionality side, building the stock and the options.

It might be recalled that Boohoo had acquired Debenhams for £55 million earlier this year in addition to buying Arcadia brands in February.

Also Read: Boohoo buys Debenhams for £55 million

Also Read: Boohoo snaps up remaining Arcadia brands

During the year, the Group also successfully integrated and relaunched Oasis and Warehouse brands on its platform.

Carol Kane, Co-founder of Boohoo, says that Group is ‘not actively looking’ for new brands. “However, you just never know what could happen. If an opportunity presents itself [we might], but it would be opportunistic,” substantiated Carol.

Earlier this week, the British fashion e-tailer saw its profit before tax jump by 35 per cent to clock £125 million for the year ended 28 February 2021.

Also Read: Boohoo witnesses rise in its annual sales and profits