The company is likely to lose up to 12 thousand workplaces
UK popular retailer to close all of its stores as Boohoo acquires brand. Source: flickr.com
UK-based online fashion retailer Boohoo has acquired Debenhams for £55 million in a deal that will close the remaining retail stores, The Guardian reports.
The acquisition of the Debenhams brand performs a transformational deal for the group as e-commerce continues to grow, in accordance with Boohoo.
The company aims to create the largest marketplace in the UK. For that reason, this initiative will accelerate the company’s plans to become a leader not only in fashion e-commerce but also in new categories, including beauty, sport, and homeware.
Therefore, Debenhams will act as a digital showcase for Boohoo brands, including Pretty Little Thing, and third-party retailers. While Boohoo will charge a commission on third-party sales, it is not responsible for shipping or customer service. Debenhams will probably expand internationally in the future.
We’ve reported that the Russian biggest e-commerce Wildberries launched its online store in Germany, according to Ecommerce News. The company is currently looking to open e-commerce websites in France, Italy, and Spain.
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