Boohoo in Talks to Buy Remaining Arcadia Apparel Brands
(Bloomberg) -- Boohoo Group Plc is in talks to buy part of Philip Green’s Arcadia Group just days after agreeing to acquire the Debenhams department store brand.
The fast-growing online fashion retailer confirmed it is in exclusive negotiations to take control of the Dorothy Perkins, Wallis and Burton labels, following a Sky News report. The company is interested in the brands only and not the stores, meaning potentially more job losses for Britain’s troubled retail sector.
Boohoo said in a statement that the talks were ongoing and there was no certainty a deal would take place.
In a busy week for Britain’s online retailers, Asos Plc, Boohoo’s bigger rival, is already in exclusive negotiations with Arcadia to buy Topshop, Topman, Miss Selfridge and HIIT brands.
Arcadia has faltered in recent years, dragged down by an expensive store portfolio and an online business that is less nimble than rivals. Founder Green has also had a difficult few years after he was criticized for the sale and subsequent collapse of BHS department stores. In December Arcadia began U.K. insolvency proceedings leading to the piecemeal selloff of brands.
©2021 Bloomberg L.P.