U.K. online fashion retailer Boohoo Group PLC announced Aug. 6 that it acquired the Karen Millen and Coast clothing brands out of administration for £18.2 million.
In a filing with the London Stock Exchange, Boohoo said it purchased Karen Millen's and Coast's online businesses as well as all associated intellectual property rights using its existing cash resources.
Earlier in the day, Boohoo confirmed reports that it submitted a bid for the fashion brands, calling them "highly complementary additions" to its platform.
Karen Millen and Coast's direct online sales for the year ended February totaled £28.4 million, according to the release. They were previously owned by Icelandic bank Kaupthing.