Some good backing17 Feb 2023 10:57
Boohoo stake increased by group owned by one of the world's richest men
A group owned by one of the richest men in the world has increased its stake in Boohoo.
Citadel GP LLC, which is majority owned by billionaire founder and chief executive Ken Griffin, has upped its holdings in the Manchester-headquartered fashion giant from 5.3% to 8.9%.
Mr Griffin provided funding to the Ricketts family in their failed bid to buy Chelsea from Roman Abramovich last year.
Hedge fund Citadel GP LLC was founded in 1990 by Mr Griffin who has an estimated net worth of £21bn.
His company is headquartered in Chicago, it has over 1,400 employees and looked after more than $50bn in assets as of May this year.
According to Boohoo's website, co-founder Mahmud Kamani remains the largest single shareholder in the group.
Other major investors include T. Rowe Price Associates, Inc. / T Rowe Price International Ltd, Norges Bank Investment Management and Baillie Gifford & Co.