// The US investment giant T Rowe Price becomes the third-largest shareholder in Boohoo Group
// The group has acquired a 10% stake in the fast-fashion giant
The US investment giant T. Rowe Price has taken a 10 per cent stake in the online fashion retailer Boohoo to become one of its largest shareholders.
The firm already has a major stake of more than 11 per cent in Asos which acquired the Topshop, Topman, Miss Selfridge brands at the start of the year.
According to Boohoo’s website, T. Rowe Price’s latest investment makes it the third largest shareholder in the Manchester-headquartered group behind Jupiter Fund Management in second and founder and co chief executive Mahmud Abdullah Kamani in first place.
READ MORE: Boohoo’s John Lyttle defends decision not to step down despite ongoing controversies
The stake purchase is a vote of confidence in Boohoo that has seen its shares proving very volatile in the past year.
As of July this year, a total of 24.8 per cent of shares in Boohoo are not in public hands.
The jobs will be created over the next five years, and Boohoo said the investment will help the firm continue its “Incredible growth”.
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