After Asos acquired Topshop and other labels, Boohoo Group Plc acquired the remaining brands from Philip Green’s failed Arcadia Group. As per Business of Fashion, Boohoo has agreed to buy the Dorothy Perkins, Burton and Wallis brands for just over $34 million. The company will only add the brands to its portfolio, keeping 214 stores shut resulting in more job losses. Boohoo will pay another £8 million pounds for clothing stock.
The Arcadia brands will help Boohoo expand its market share and widen its customer base, which has been focused on teenagers and young adults. The acquisition of Burton will help strengthen its menswear range.
Dragged down by an expensive store portfolio and its weakness online, the Arcadia Group began insolvency proceedings in December last year. The group has so far raised over £500 million from its piecemeal sale of brands. Founder Green has also contributed to the sale of BHS department stores.
