Online fashion retailer Boohoo has reported that it has acquired 66% of Pretty Little Thing, with the other 34% being used to incentivise chief executive Umar Kamani and the senior management team from Pretty Little Thing.
Figures show that in the year to 29th February 2016, Pretty Little Thing increased its revenue by more than 400% to £17 million and in the six months to 31st August, revenue grew to £19 million from £6.4 million in the same time frame the previous year.
Chairman of the Boohoo Group, Peter Williams, commented: "Pretty Little Thing was always going to be a natural fit with boohoo. Umar and his team are to be congratulated for creating a fantastic brand, which complements boohoo's own inclusive and innovative brand, and we are delighted to add this fast growing, international business to the group. We believe this is an excellent opportunity to extend the group's overall customer appeal through two distinct, complementary brands while further enhancing the group's strong growth trajectory.”
Other figures show that the etailer is expecting to deliver its full year revenue growth of between 38% - 42% against former guidance of between 30% - 35% following sturdy trading over Black Friday and the highest trading period.
Boohoo also expect to accomplish an EBITDA margin of between 11% - 12% against prior guidance of around 11%.
