Shares in Boohoo rose sharply on Friday as news came though that the company had purchased a 66% stake in another online fashion company, PrettyLittleThing. PrettyLittleThing is led by Umar Kamani, who happens to be the son of Boohoo's founder and chief executive Mahmud Kamani.
Manchester-based Boohoo, which launched in 2006, targets customers between the ages of 16 and 24 with own-brand clothing at affordable prices.
Boohoo Chairman Peter Williams said: “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.”
It's been a good end to the year for Boohoo, whose stock is at a record high and their Facebook Live Black Friday give away was the best performing on the channel in 2016 (313,282 interactions)
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