Boohoo Group PLC M&A Call Transcript
Hello and welcome to the boohoo group plc conference call. (Operator Instructions) Just to remind you, this conference call is being recorded. Today, I am pleased to present John Lyttle, CEO. Please go ahead with your meeting.
Thank you. Good afternoon, everybody. I'm joined today here in London by Neil and on the telephone by Mahmud and Carol.
So firstly, I'm delighted to announce that today the boohoo group has agreed to acquire the iconic British brands, Karen Millen and Coast, out of administration for GBP 18.2 million, which will be funded from our existing substantial net cash resources. To be clear, we have acquired the online businesses and associated intellectual property out of administration and are not taking on any of the physical stores or operations.
Our plan is to run these brands as pure-play online brands, plugging them into our multibrand platform, and believe that the strengths of our shorter lead times, global supplier network and test-and-repeat model can
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