Pureplay fashion retailer Boohoo has successfully raised close to £200m in less than 24 hours as it eyes already struggling high street brands stricken further by the coronavirus.
The retailer announced today that, less than 24 hours after launching the fundraising to tap shareholders, it had closed the bookbuild and raised £197.7m in a deal led by Zeus Capital.
Boohoo launched the fundraising round just three weeks after it reported to have more than £240m of net cash at the end of February.
While other fashion retailers, including pureplay rival Asos, have raised cash since the coronavirus emerged, Boohoo is the first to explicitly link such a move with acquisitions.
Source – retail-week.com