E-commerce giant Boohoo have bought Debenhams in a £55million deal.
The deal does not include the acquisition of Debenhams stores, which means that the remaining 118 Debenhams stores will close.
“This is a transformational deal for the group, which allows us to capture the fantastic opportunity as ecommerce continues to grow. Our ambition is to create the UK’s largest marketplace.
Our acquisition of the Debenhams brand is strategically significant as it represents a huge step which accelerates our ambition to be a leader, not just in fashion ecommerce, but in new categories including beauty, sport and homeware.” – Mahmud Kamani, Boohoo Executive Chairman
Boohoo have said that they will relaunch Debenhams on their web platform later this year; Debenhams will continue to operate it’s existing website for an agreed time period.
Who are Boohoo?
You most likely recognise the name of the parent company Boohoo from it’s growing presence on the e-commerce fashion market since it’s launch in 2006. But did you know the Boohoo Group own: