boohoo Group plc (LON:BOO) today provided an update in respect of the class action claim brought against the Group in the United States District Court for the Central District of California.
boohoo is pleased to report that the parties have notified the District Court that they have agreed to the terms of a preliminary settlement relating to the Claim. The preliminary settlement will be covered in full by the existing provisions disclosed in the Group’s latest published accounts.
Whilst there is no guarantee that the preliminary settlement will result in a final settlement of the Claim, the parties will now work together to incorporate the terms of the preliminary settlement into a legally binding settlement agreement.
Founded in Manchester in 2006, boohoo is an inclusive and innovative global brand targeting young, value-orientated customers, pushing boundaries to bring its customers up-to-date and inspirational fashion, 24/7.
In 2017, the group extended its customer offering through the acquisitions of the vibrant fashion brand PrettyLittleThing and free-thinking brand Nasty Gal. In March 2019, the group acquired the MissPap brand, in August 2019 the Karen Millen and Coast brands and in June 2020 the Warehouse and Oasis brands, all complementary to the group’s scalable, multi-brand platform. In January 2021, the group acquired the intellectual property assets of Debenhams, with the goal of transforming a leading UK fashion and beauty retailer into a digital department store and marketplace through a new capital-light and low-risk operating model. In February 2021, the group acquired the intellectual property assets of UK brands Dorothy Perkins, Wallis and Burton. As at 31 August 2021, the boohoo group had 19 million active customers across all its brands around the world.
