Online fashion retailer boohoo.com has announced the acquisition of 66% of online fashion retailer PrettyLittleThing for a cashion consideration of £3.3 million. The transaction is expected to complement the Group’s presence both in the UK and internationally and is expected to be consolidated from 3 January. The remaining 34% will be used to incentivise CEO Umar Kamani and PLT’s senior management who have overseen exceptional revenue growth since 2014.

The 34% retained by PLT management will be subject to the management team remaining with PLT over the five-year period to 28 February 2022, and achieving demanding revenue and EBITDA targets.  On 28 February 2022, the boohoo Group will have the option to acquire this remaining 34% at market value. The transaction is on a cash free, debt free basis and will be financed through the Group’s existing cash resources