ZCZC
BCN-08
BRITAIN-RETAIL-FASHION-BOOHOO-DEBENHAMS
Fashion group Boohoo buys collapsed Debenhams brand
LONDON, Jan 25, 2021 (BSS/AFP) – British online fashion group Boohoo said
Monday it had bought the intellectual property assets of collapsed UK
department store Debenhams, allowing it to use its brand going forward.
Debenhams collapsed last month with the loss of thousands of jobs, having
struggled to adapt from a bricks-and-mortar business long before the
coronavirus pandemic forced shoppers online.
Boohoo has acquired assets, including customer data, from outside
administrators brought in to salvage parts of the business.
The cost of the deal is o55 million ($75 million, 62 million euros), Boohoo
said in a statement.
It added that it plans to rebuild and relaunch the Debenhams online
platform, as Boohoo looks to lead the fashion e-commerce market by entering
into news areas including beauty, sports and homeware.
“Debenhams is a long-standing and leading UK fashion and beauty retailer
with high brand awareness, and an established online platform with
approximately 300 million UK website visits per annum,” Boohoo said.
“This makes it a top 10 retail website in the UK by traffic.”
BSS/AFP/MSY/1356 hrs