For immediate release |
6 February 2017 |
Nasty Gal Acquisition Update
boohoo.com plc
boohoo.com plc ("boohoo" or "the Group") announced on 28 December 2016 that it had entered into an asset purchase agreement ("the transaction") to acquire certain intellectual property assets and customer databases from retailer Nasty Gal Inc. ("Nasty Gal") for US$20 million.
As previously announced, the transaction has been governed by a US Bankruptcy Court approved bidding process. Pursuant to this process, boohoo has been notified by Nasty Gal's counsel that no acceptable, qualifying bids have been received for the intellectual property assets and customer databases and, therefore no auction will take place.
Subject to final approval by the US Bankruptcy Court expected on or after 8 February 2017, boohoo expects to acquire the intellectual property assets and customer databases from Nasty Gal for US$20 million. The Group will provide a further update on the transaction on or after this date. If approved, the transaction is expected to complete on 28 February 2017.
The transaction will be financed through a combination of boohoo's existing cash resources and a new bank debt facility of up to US$20 million.
Enquiries
boohoo.com plc Neil Catto, Chief Financial Officer Clara Melia, Investor Relations |
Tel: +44 (0)161 233 2050 Tel: +44 (0)7748 171236 |
Zeus Capital - Nominated adviser and joint broker Nick Cowles/Andrew Jones (Corporate Finance) John Goold/Benjamin Robertson (Corporate Broking) |
Tel: +44 (0)161 831 1512 Tel: +44 (0)20 3829 5000 |
Jefferies Hoare Govett - Joint Broker Nick Adams/Max Jones |
Tel: +44 (0)20 7029 8000 |
Buchanan - Financial PR adviser Richard Oldworth/Madeleine Seacombe/Jane Glover |
Tel: +44 (0)20 7466 5000 [email protected] |
About boohoo.com
"The voice and style of the social generation"
Keeping one step ahead of the trends or making a subtle style change is easy with boohoo.com and with up to 100 new pieces hitting the site every day and a new collection each week, boohoo.com never stops - it is 24/7 fashion at its best. From the UK's best kept fashion secret to one of the fastest growing international retailers, boohoo.com has quickly evolved into a global fashion leader of its generation. Combining cutting-edge, aspirational design with an affordable price tag, boohoo.com has been pushing boundaries since 2006 to bring its customers all the latest looks for less.
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About Nasty Gal
Nasty Gal was founded in 2006 and is based in Los Angeles. Nasty Gal today is recognised as a pioneer in both the curation and design of women's clothing, shoes, and accessories. The Company has a global presence in 180 countries and a social media following of over 3.5 million. For more information, visit the website at www.nastygal.com.
This announcement has been determined to contain inside information.
