JP Morgan is now the largest institutional investor in Manchester-based company Boohoo, making it the second-largest shareholder.
The business’s largest single shareholder still remains Co-founder Mahmud Kamani, although he has seen the value of his share in the business shrink to just £ 60 million, plummeting by £ 500 million in just two years.
The firm has acquired a 5.1 percent stake in the group, according to a document filed with the London Stock Exchange.
It comes after cost-of-living pressures increased their hold on the group, leading Boohoo into a loss and experiencing a sales slump in the first half of the financial year.
The JPM interest comes after the online fast-fashion retailer announced a pre-tax loss of £ 15.2 million for six months to August 31, compared to a £ 24.6 million profit during the same period in 2021. Boohoo also reported a 10 per cent drop in its revenue to £ 882.4 million.
Other major investors in Boohoo include Norges Bank Investment Management, Invesco Advisers and Jupiter Asset Management.
