boohoo raises £200m to capitalise on 'opportunity'
Boohoo Group has raised £200 million to take "advantage of numerous opportunities that are likely to emerge in the global fashion industry over the coming months".
An equity placing representing five per cent of the online fashion retailer’s issued share capital raised gross proceeds of £197.7m.
Boohoo said that trading has been mixed since mid-March due to the COVID-19 pandemic but performance improved during April and remained robust into May.
It said it will not provide guidance for the financial year ending in February next year due to the “uncertainty generated by the continually evolving COVID-19 pandemic”.
Before lockdown the Manchester-based company had net cash reserves of around £240m and around 14 million active customers across all its brands around the world.
Founded in 2006, boohoo targets a youthful fashion-conscious female demographic.
In early 2017, the group extended its customer offering through the acquisitions of fashion brands PrettyLittleThing and Nasty Gal.
In March 2019, the Group acquired the MissPap brand and in August 2019, the Karen Millen and Coast brands, which it said were all complementary to the group's scalable platform.
It also runs menswear range boohooMAN.