PrettyLittleThing co-founder and former chief executive Umar Kamani has made a “significant investment” in online fashion giant Boohoo, which was originally established by his father Mahmud Kamani and Carol Kane.
The former PLT boss has snapped up a 3% stake in Boohoo, according to a new filing with the London Stock Exchange yesterday.
The PLT co-founder’s investment in the business comes after Boohoo posted a drop in revenue in its latest year-end results, with sales down 11% year on year to £1.77bn.
Boohoo also saw profits halved as a result of the pressures of the cost-of-living crisis and increased competition, with adjusted EBITDA down 49% for the period at £63.3m.
Umar Kamani announced he would step down from his role as chief executive at PLT in April and said he would embark on “new challenges and goals” as well as planning to “build new brands” following his departure.
Kamani joins other major shareholders in the fashion retailer including his father Mahmud, Schroder Investment Management, Norges Bank Investment Management and Camelot Capital Partners.
Boohoo’s shares closed at 39.2p yesterday, resulting in a market capitalisation of just under £500m for the fashion group.
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