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Boohoo acquires Debenhams online business assets for £55m
StockMarketWire.com
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Online fashion retailer Boohoo said it had acquired the intellectual property assets of Debenhams Retail for £55 million in cash.
The group would only be 'acquiring the brands and associated intellectual property rights - the transaction does not include Debenhams' retail stores, stock or any financial services,' the company said.
The transaction represents a 'fantastic opportunity' to grow the group's target addressable market and increase the share of wallet opportunity through a new capital light and low risk operating model that is complementary to the group's direct-to-consumer multi-brand platform, it added.
Boohoo said it intended to rebuild and relaunch the Debenhams platform, which has over 300 million UK websites visits per annum.
Debenhams is expected to relaunch on the group's platform in Q1 FY22.
The transaction would be financed through the group's existing cash balance, which stood at £386.9m on 31 December 2020.
Story provided by StockMarketWire.com
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