Boohoo founders cash in on fast fashion boom

THE family behind online fast fashion firm Boohoo added £58.7m to their fortune as shares rose more than 11pc.

Sales climbed 50pc to £395.3m in the six months to August 31 while profits rose 22pc to £24.7m. The results boosted the wealth of the Kamani family – four of the clan are listed among the top ten shareholders. Mahmud Kamani ( pictured right with his wife Aisha) is the co-founder and joint chief executive and has a 16.3pc stake. His brother Jalal is trading director, and his two sons Adam and Umar (pictured farright) started up Pretty Little Thing, which is now owned by Boohoo. Jalal owns 2.6pc of Boohoo and siblings Rabia and Nurez own 5.67pc and 5.43pc respectively. Mahmud Kamani defended the pay of new chief executive John Lyttle, 51, who joins from Primark in March and could get £50m for a 180pc rise in Boohoo’s share price in five years. Kamani said: ‘While it sounds like a lot of money, what John is expected to deliver is an absolutely outstanding achievement and all our shareholders would be happy for that.’

Shares ended 11.2pc, or 21.5p, higher at 213.1p.