PrettyLittleThing Founder Umar Kamani invests in Boohoo
Umar Kamani has purchased a 3% stake in Boohoo Group, which was founded by his father Mahmud Kamani and business partner Carol Kane.
The move comes despite falling profits at Boohoo. For the year ending 28 February 2023, the Manchester-based firm also saw revenue drop 11% to £1.7 billion.
In recent months, Frasers Group has been building a stake in Boohoo Group. This now stands at 7.9%.
Other major shareholders include Mahmud Kamani, Camelot Capital Partners, Norges Bank Investment Management and Schroder Investment Management.
The new investment follows Umar Kamani's decision to step down from his role as CEO of PrettyLittleThing after 12 years.
Kamani, who started the business with his brother in 2012, announced his decision in April. He also shared his plans to pursue "new challenges" with the potential to "build new brands".
At the time, Kamani said: "After 12 years as CEO and Founder of PrettyLittleThing I have made the difficult decision to step down from my position as CEO.
"12 amazing years that changed my life and I will be forever grateful for all those memories. I’m at the stage in my life where I need to set myself new challenges and goals and build new brands that hopefully you all love and support as much as you did with this one."