Boohoo confirms successful share placing

Boohoo has confirmed the successful placing of shares to raise a total of £197.7m, which it intends to use for acquisitions.

The Manchester-based online fast fashion group announced late yesterday that it planned to raise the funds saying it wanted to capitalise on the opportunities to buy up further brands that the coronavirus would present.

Last year Boohoo acquired the Karen Millen and Coast brands from Icelandic bank Kaupthing and relaunched them as online-only entities, and also snapped up smaller online fast fashion rival Miss Pap.

The group also owns the PrettyLittleThing and Nasty Gal brands and has emerged as one of fashion's winners from the crisis saying it had managed to increase sales year on year in April and that trading during May had been "robust".

Its close control of its supply chain means it has been able to pivot production quickly to items that have been selling well, such as lounge and leisurewear.