BOOHOO FOUNDER SNAPS UP SONS’ FASHION EMPIRE

Pretty Little Thing was set up in 2012 by Umar and Adam Kamani - sons of Boohoo.com founder Mahmud Kamani

It is one of a number of internet fashion firms for young people, including Missguided which is aimed at ‘sassy and hip’ young women

Pretty Little Thing has a huge celebrity following with pop stars Little Mix, Kim Kardashian’s sister Kylie Jenner and Lionel Richie’s daughter Sofia Richie all fans

Its most popular sellers are rock dresses and evening dresses which sell from £10 to £30

After the launch of its premium collection, products ranging from £50 to £100 sold out in three days

ONLINE fashion store Boohoo has snapped up a company run by the sons of its founder.

Boohoo splashed out £3.3m for a controlling stake in PrettyLittleThing – a rival online fashion site that caters to the ‘sassy’ young woman.

The company was set up by Umar and Adam Kamani, sons of Boohoo’s cofounder Mahmud Kamani.

PrettyLittleThing has grown rapidly since its launch in 2012, with half-year revenues hitting £19m at the end of August this year – up almost 200pc on the year before.

Boohoo will own a 66pc stake, netting Adam Kamani, 27, and another son, Samir Kamani, 20, just over £1.6m each.

Umar, 28, will continue as chief executive, keeping his 34pc stake in the business as an incentive to reach targets.

Boohoo said it had the option to acquire the remaining 34pc at market value in 2022.

It expects revenues to grow around 40pc for the financial year, up about 10pc on previous guidance, and earnings margin growth of 11pc to 12pc.

PrettyLittleThing began as an accessories website but expanded to offer lowcost seasonal fashion items based on trends worn by social media celebrities.