boohoo group plc, has announced that it has completed an asset purchase agreement for Karen Millen and Coast. The brands were recently put up for sale by Icelandic bank, Kaupthing. boohoo has acquired the online business and all associated intellectual property rights from the administrators of Karen Millen Fashions Limited and Karen Millen Retail Limited, both of which entered administration on 6 August, for £18.2m, funded by the group's existing cash resources. 

boohoo believes that the online business of these brands are complementary additions to its multi‐brand platform and their acquisition extends the Group's offer as part of its vision to lead the fashion e‐commerce market globally.

John Lyttle, Group CEO, commented: "The acquisition of the online business of two great and renowned British brands in Karen Millen and Coast represents another milestone in the Group's growth story as it continues to invest in its scalable multi‐brand platform and gain further share in the global fashion e‐commerce market."