Boohoo celebrates as it clears final hurdle in Nasty Gal purchase
Boohoo.com confirmed Thursday that it has received the final to go-ahead from the US bankruptcy courtto acquire Nasty Gal’s assets for $20m with the deal expected to complete on February 28.
US-based Nasty Gal ran into trouble last year and Boohoo looked like being the only bidder when it made an offer for the assets. However, it said that other bidders could have emerged.
As this has not happened, the deal will go through with Nasty Gal joining another recent acquisition, PrettyLittleThing, under the control of Boohoo, which is fast becoming the go-to destination for young, affordable fashion.
Nasty Gal, whose prices are a little higher than those typically seen on Boohoo, is being viewed as a key way for the company to expand in the important US market.
Joint CEOs Mahmud Kamani and Carol Kane said in a statement Thursday: “[This] represents an exciting opportunity to accelerate our international offering and inspire an ever-growing range of young customers in the US and around the world."
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