Boohoo founders sell off shares worth up to £150m
Boohoo founders Mahmud Kamani and Carol Kane are to sell off shares in the online fast fashion group worth up to £150 million just days after announcing record Black Friday sales in an upbeat trading statement.
The pair who co-founded the Manchester-based group, which counts Boohoo, BoohooMAN, Karen Millen, Coast, Miss Pap, Pretty Little Thing and Nasty Girl among its brands, are understood to be making the share placement for "personal financial planning" reasons.
Following the placement Kamani will be left with 152,679,880 shares or a 13.1% stake and Kane with 31,330,421 shares or a 2.7% stake. Earlier this year the pair, who had been co-CEOs in the firm, changed roles with Kamani becoming executive chairman and Kane becoming executive director to make way for in-coming CEO John Lyttle, formerly of Primark.
This week the group, which was founded in 2006 and listed in 2014, said it has enjoyed record Black Friday sales and said it was “comfortably in line” with forecasts for the rest of the year, having posted a 43% jump in revenues in to £564.9 million the six months to 31 August.
During this year the group acquired premium high street chains Karen Millen and Coast, closing their retail operations and relaunching them as online only brands in the autumn. It also acquired the assets of smaller online rival Miss Pap.