Boohoo founder's brother gives his kids £63m in shares
The brother of Boohoo founder Mahmud Kamani has given his children a £63 million present.
Jalal Kamani, 57, gifted 30 million shares in Boohoo – 2.61 per cent of the online fashion retail group’s issued share capital – to a trust established for the benefit of his adult children.
At the current share price of £2.10, that is worth £63m.
The Manchester-headquartered firm notified the stock market of the news this morning.
Earlier this week, Boohoo hailed a solid first quarter of soaring revenues thanks to a strong performance from all its brands, including PrettyLittleThing.
In April, PrettyLittleThing announced it was setting up an eCommerce operation in Sheffield which is expected to commence in July and will create 1,200 jobs by the end of the year.
Mahmud Kamani is joint CEO of Boohoo along with Carol Kane.