Online fashion retailer Boohoo acquires the chain of department stores and its website for £55M.
The British multinational retailer is closing down after 242 years of operation after failing to secure a rescue deal for the business. Back in December 2020, the chain of department store has announced closing down mark-ups among its 124 stores which offers brands like Mantaray, Maine, and Principles.
On a report made by BBC.com, Mahmud Kamani, executive chairman of the online fashion retailer, said that the acquisition of the brand is metamorphical saying, "a transformational deal for the group, which allows us to capture the fantastic opportunity as ecommerce continues to grow. Our ambition is to create the UK's largest marketplace."
Kamani adds: "Our acquisition of the Debenhams brand is strategically significant as it represents a huge step which accelerates our ambition to be a leader, not just in fashion ecommerce, but in new categories including beauty, sport and homeware."
Debenhams is expected to relaunch at Boohoo's platform at a later date this year.
As for Debenhams Philippines, Store Specialist, Inc. has yet to release a statement. For the time being, you can shop Debenhams Philippines collection at online stores like Zalora and Lazada.
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