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(Alliance News) -Â boohoo Group PLC on Monday said it has agreed to buy the Dorothy Perkins, Wallis and Burton brands out of administration for GBP25.2 million.
The AIM-listed online-only fashion retailer will be buying the e-commerce and digital assets and associated intellectual property rights, including customer data, related business information and inventory of the Burton, Dorothy Perkins and Wallis brands. The deal does not include any stores.
The brands are part of Philip Green's Arcadia Group Ltd, which went under back in November, putting 13,000 jobs at risk. Arcadia's crown jewel, Topshop, was snapped up along with Topman, Miss Selfridge and HIIT by ASOS last week.
boohoo said the deal should strengthen its menswear proposition, with Burton an "established brand".
"We are delighted to announce the acquisition of the assets associated with the online businesses of the three established brands Burton, Dorothy Perkins and Wallis. Acquiring these well-known brands in British fashion out of administration ensures their heritage is sustained, while our investment aims to transform them into brands that are fit for the current market environment," said boohoo Chief Executive John Lyttle.
The UK high street continues to suffer from restrictions to control Covid-19. Like Arcadia, department store chain Debenhams also sunk into administration.
boohoo in January announced a deal for all of the intellectual property assets of Debenhams Retail for GBP55 million in cash.
Shares in boohoo were down 4.0% at 350.30 pence in London on Monday.
By Lucy Heming;Â lucyheming@alliancenews.com
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