Boohoo.com PLC has completed its acquisition of Nasty Gal. The deal closed for $20 million, which will be financed through cash and a debt facility of 12 million pounds. Nasty Gal will be consolidated as of March 1.
A favorite among young fashionable women, Nasty Gal filed for bankruptcy in November, and Boohoo immediately seized on it as a way to extend its reach the U.S.
The British retailer, which is keenly focused on the millennial customer, also announced today that it’s on a roll. The company has updated its sales guidance and now expects revenue growth to be up by 50 percent to February 28, 2017, besting the guidance issued on January 10th, which was between 46 and 48 percent. Boohoo expects to deliver an adjusted EBITDA margin to be at the top of its 11 to 12 percent guidance range for boohoo.com and prettylittlething.com.
With PrettyLittleThing, which the company acquired a majority stake in last month, and now NastyGal, Boohoo is focused on young women looking for the latest trends at the best price.
The company reported a 55 percent revenue spike for the four months ended December 31, 2016. And it boasts 5.1 million active customers, which is a 31 percent increase. Boohoo continues to delight its fans with 100 new styles on its site daily and a new collection each week.
H&M, who regularly touts its circularity efforts, is being called out for allegedly burning 12 tons of new, unsold apparel each year.Read more
Going up against an 800-lb gorilla is a tricky prospect—especially if you’re going it alone so Walmart is wooing traditional retailers into its anti-Amazon online mall.Read more
The New York City Economic Development Corporation is set to open TechShop Brooklyn, a 20,500-square-foot shared advanced manufacturing center at the Brooklyn Army Terminal in Sunset Park on Oct. 30.Read more
By listening to customers and integrating his processes with his partners both up and downstream, Robert D’Loren’s Xcel Brands is moving at the speed of the consumer.Read more
China’s gross domestic product growth remained robust in the third quarter, increasing 6.8% year-on-year, easing marginally from the 6.9% growth recorded in first and second quarters this year compared to a year earlier.Read more
Consider that a child born in the U.S. will create 13 times as much ecological damage over their lifetime as a child born in Brazil, according to the Sierra Club.Read more