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(Sharecast News) - Fast-fashion retailer Boohoo confirmed on Friday that it is in exclusive discussions with administrators about the acquisition of three Arcadia brands.
Responding to recent press speculation, the company said it is considering the purchase of Dorothy Perkins, Wallis and Burton.
Boohoo, which announced earlier this week that it was buying up the Debenhams brand for £55m, said the discussions may or may not result in agreement of a transaction and a further announcement will be made when appropriate.
The fashion retailer did not provide any other details, but Sky News reported on Thursday that Boohoo has indicated to Deloitte that it will pay little more than £25m for the brands.
Boohoo's deal to buy the Debenhams brand does not include its 118 high street stores, and it's understood that this latest acquisition is being made on the same basis, meaning that it will close down all Dorothy Perkins, Wallis and Burton stores.
On Monday, Asos confirmed it was in exclusive talks with Arcadia administrators over the acquisition of the Topshop, Topman, Miss Selfridge and HIIT brands.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said Boohoo "is rifling through the bargain bins once more".
She said Boohoo "clearly believes there is still demand to be squeezed out of the Dorothy Perkins, Wallis and Burton businesses, which have been on the high street for around a century".
"As an online only fashion giant, Boohoo would be only interested in the brands, seeing little value in the store estate as the shift to digital sales intensifies. It has deep cash pockets which it can dip into as part of its plan to create the UK's largest retail marketplace and propel its international expansion. So the rescue of the famous names, wouldn't throw a lifeline to the thousands of shop workers who are very likely to still face redundancy."
31 Aug 2023 16:50
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