Online fashion retailer Boohoo Group has announced its acquisition of the Debenhams brand and website for £55 million yesterday (January 25). The Debenhams brand will continue online only as part of Boohoo’s strategy to create a leading marketplace selling homewares alongside fashion.
Boohoo’s executive chairman, Mahmud Kamani commented: “This is a transformational deal for the group, which allows us to capture the fantastic opportunity as ecommerce continues to grow. Our ambition is to create the UK’s largest marketplace.”
He continued: “Our acquisition of the Debenhams brand is strategically significant as it represents a huge step which accelerates our ambition to be a leader, not just in fashion ecommerce, but in new categories including beauty, sport and homeware.”
The acquisition means permanent closure for Debenhams stores (once stock is sold when stores can reopen), diminishing the presence of cookshops in many towns and shopping centres.
Top: Set to close: the Debenhams brand will not continue with physical shops. Consumers have made sorrowful comments on social media at the loss of their local department stores: “boohoo for Debenhams.”
