Boohoo has new major shareholder, Asos investor
By Sophie Ladd | 1st September 2021
T. Rowe Price, the American investment giant has bought a ten per cent stake in Boohoo, the UK based online fashion retailer. This will make the company one of the largest stakeholders in the fashion giant.
The firm already owns a share of 11 percent of ASOS, a British rival to Boohoo. ASOS has acquired Topshop, Topman and Miss Selfridge from failed retail group owner Sir Phillip Green.
The purchase of Boohoo is a vote of confidence after a rocky few years for the company. It was accused of slave labour in 2020 in its Leicestershire factories. It has been found that some workers in the supply chain are still being paid as little as £3.50, far below the National Living Wage.
Last month, Boohoo announced 5,000 more jobs in the next five years, opening new warehouses to meet increasing demand.
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