Boohoo founder's brother gifts 30m shares to his children

Jamal Kamani, brother of Boohoo founder and co-CEO Mahmud Kamani, has gifted 30m shares in the fast-growing etail group to his children.

The former trading director of Boohoo, who stood down in 2015, has "gifted a total of 30 million Ordinary Shares (representing 2.61 per cent. of the Company's issued share capital) for nil consideration to a trust established for the benefit of Jalal Kamani's adult children," the company informed the market today.

Jamal Kamani's gift to his children follows on from the sale of £14.8m worth of shares in the business at the start of the year. Following that sale in January, his stake was reduced to 5.98% or 68.8m shares.

Earlier this week Boohoo, which also owns the PrettyLittleThing (founded by Mahmud Kamani's son Umar) and Nasty Gal brands, revealed sales had leapt 53% to £183.6m in the three months to 31 May as it achieved strong growth across all brands and markets.