Boohoo, the British online fashion retailer, has bagged the remaining fashion brands of the collapsed Arcadia Group. The negotiations were underway for some time.
Also Read: After buying Debenhams, Boohoo now plans to acquire Arcadia brands
The fashion e-tailer has, reportedly, has acquired Burton and Wallis as well as Dorothy Perkins for a little over £25 million.
What’s worrying, however, is that Boohoo is buying only the brands and not the stores and that would mean shutting down of over 200 stores – causing more job redundancies. Sadly, that’s been the story for over a year now.
Boohoo, as reported in Bloomberg, also agreed to pay another £8 million for apparel stock.
Earlier this month, Asos had acquired Arcadia Group’s Topshop and other brands for £295 million and now with Boohoo buying the remaining brands of the Group, it distinctly brings out the emerging dominance of fashion e-tailers in last one year.
Also Read: Finally it happens! Asos buys Topshop for £295 million
The purchase of Arcadia brands is expected to enhance Boohoo’s market share in addition to increasing its already large base of customers.
2021 has indeed begun in a big way for Boohoo – first it was the acquisition of Debenhams in January and now Arcadia brands in February.
Let’s wait and watch what’s next from Boohoo!
