Boohoo bid to raise £200m

BOOHOO was set to raise £200m in new equity overnight as it prepares to snap up global fashion brands on the cheap.

The £3bn online clothes group has found early success in integrating the Karen Millen and Coast brands on to its platform, helping to broaden its appeal beyond its traditional 16 to 24-year-old customer base.

Outlining its plans to raise more cash last night, Boohoo said it ‘intends to use the proceeds to take advantage of numerous opportunities that are likely to emerge in the global fashion industry over the coming months’.

Boohoo has also proved resilient in lockdown. After an initial dip in sales, it returned to growth in April, and yesterday bosses said trading remained ‘robust’.

Web sales have benefited and it reported revenue growth of 44pc in the year to February 29 to £1.2bn, pushing profit up by 54pc to £92.2bn. In the UK sales were up 39pc.

Shares fell yesterday, however, closing down 2.1pc.