Karen Millen is a premium British fashion retailer selling womenswear. Founded by Millen and partner Kevin Stanford in 1981, the retailer initially sold white shirts. Since then, its product range has developed, but the brand is particularly known for its tailoring, coats and eveningwear. In 2018, it bought sister brand Coast out of administration. Less than a year later, both brands tumbled into administration and were bought in a shock deal by Boohoo. Since the acquisition, all Karen Millen stores and concessions have been closed, including those abroad. The two brands were relaunched as online only as of September 2019. Karen Millen’s older target demographic and premium clothing contrasts with fast-fashion retailer Boohoo’s typical customer. Boohoo is working to maintain the target audience and brand handwriting, while upping the SKU count to create a NastyGal-style success. The acquisition will act to ensure the Boohoo Group retains customers later in life.
Boohoo has wasted no time making good on its plan to snap up distressed fashion brands for a song in the post-pandemic retail landscape.
Boohoo has acquired the intellectual property of Oasis and Warehouse in a £5.2m deal alongside posting a jump in first-quarter revenue.
With the UK under lockdown and non-essential bricks-and-mortar stores closed, the coronavirus pandemic has been bruising for many fashion retailers. However, Boohoo bosses believe the challenging conditions have demonstrated the inherent strengths of their business, from an agile supply chain to social media resonance.
Online fashion specialist Boohoo has posted a strong Christmas sales performance.
Boohoo has unveiled skyrocketing sales and profits at the half-year mark, aided by some of its more recent acquisitions.
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