Boohoo on Monday confirmed that it has bought the Debenhams brand for £55m. It will use it to move into beauty and homewares, extend its own brand offering, operate a giant online marketplace and grow internationally.
Boohoo Group is set to acquire collapsed British department store group Debenhams in a cut-price deal that will result in the closure of the group's remaining department stores, the Financial Times reported on Sunday.
Much of the attention around the bidding for Arcadia's brands has been focused on big names such as Boohoo, Frasers, and Authentic Brands too. But reports suggest as many as 40 parties have registered their interest.
Frasers Group was reportedly racing to try to do a deal on Debenhams at the weekend, but reports also suggested that US-based Barneys owner Authentic Brands has both Debenhams and Arcadia in its sights.
Shoppers have shunned physical stores to avoid catching Covid-19, and accelerated a shift to online shopping that was underway before the pandemic. The effects are being felt throughout Britain's high streets.
Mike Ashley's Frasers Group confirmed on Monday that it’s interested in buying Debenhams even though the auction for the Department store chain has already ended and the chain is expected to close completely by March.