Boohoo Buys Remaining Apparel Brands From Failed Arcadia Group
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Boohoo Group Plc snapped up remaining brands from Philip Green’s failed Arcadia Group Ltd. after the U.K. online retailer’s rival Asos Plc acquired the flagship Topshop and other labels.
In a fresh sign of the growing dominance of online fashion retailers amid the pandemic, Boohoo agreed to buy the Dorothy Perkins, Burton and Wallis brands for just over 25 million pounds ($34 million). The company is adding the brands only, meaning 214 stores will shut, with more job losses for Britain’s troubled retail sector. Boohoo has agreed to pay another 8 million pounds for clothing stock.