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.
Vue.ai announced the commercial launch of its AI product that analyzes garments and automatically generates a virtual figure for better garment fitting.Read more
The circular economy was on display in a multisensory presentation–from film and food to a “magic forest” fabric art installation and a tactile array of recycled and upcycled fabrics on view.Read more
There is a saying that if the shoe fits, wear it—and this startup is enabling consumers to rock their kicks in 7,429,968 different ways.Read more
Though Amazon has posted 11 straight quarterly profits, the company is looking to cut costs, even as it's reportedly sizing up Toys “R” Us stores.Read more
DeFeet has partnered with blockchain solutions provider LuxTag.io to provide an overall safer, more pleasant and efficient shopping experience for its customers.Read more
Keeping good on its promise to respond to any U.S. tariffs with measures of its own, China has added tariffs to 128 American products. It’s become a tit-for-tat in trade between the two nations.Read more
With the amount of regular foot traffic food shoppers generate, the battle for grocery dominance could determine the retail winners and losers. And Target may be on the verge of a merger to ensure it's a fair fight.Read more