Technology

Posted on February 9, 2017 by staff

Boohoo.com confirms $20m acquisition of Nasty Gal

Technology

Online fashion retailer Boohoo.com has confirmed it has purchased Nasty Gal for £16.1m following the US retailer’s collapse into bankruptcy.

A major step into the American market for Manchester-based brand Boohoo.com, the deal is expected to be completed at the end of the month.

Mahmud Kamani and Carol Kane, joint CEOs, said: “We are delighted to have been successful in our bid to acquire Nasty Gal.

“It represents an exciting opportunity to accelerate our international offering and inspire an ever-growing range of young customers in the US and around the world.”

According to Business of Fashion, the UK company tabled what is known as a “stalking horse” offer in January – designed to ensure Nasty Gal receives as much as possible for its assets.

Since its birth in 2006, Nasty Gal has raised more than $65m (£51.8m) in funding, but the firm filed for Chapter 11 Bankruptcy Code protection in November 2016.

Boohoo has now acquired “certain intellectual property assets and customer databases” from Nasty Gal Inc.