PrettyLittleThing co-founder Umar Kamani has snapped up a 3% stake in Boohoo.
Kamani is the son of Boohoo co-founder Mahmud Kamani. His stake acquisition comes despite a recent dip in Boohoo’s pre-tax profits, from £98.7m to £75.1m.
Boohoo’s shares closed at just 39.2p on Monday, giving the group a market capitalisation of just under £500m.
PLT mastermind Kamani revealed he would be stepping down as chief executive of Boohoo-owned PrettyLittleThing back in April, after 12 years at the helm.
He oversaw the online fashion brand’s explosive growth from a website selling accessories to become a global brand. Boohoo bought his stake in the business in 2020.
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Last month retail giant Frasers Group upped its stake in Boohoo from 6.8% to 7.8%.
Frasers Group has recently been on an acquisition spree, purchasing shares in companies including AO, Currys and Asos.
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