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Gloucestershire Business News

Boohoo set to snap up high street fashion brands

Online fashion giant Boohoo is set to buy high street fashion retailers Oasis and Warehouse, two months after the brands went into administration.

The brands, which both had branches in Cheltenham, were sold in late April, with nearly 2,000 jobs at the chains lost when their stores were closed for the last time, as reported by Sky.

Now Oasis and Warehouse's online business and their associated intellectual property are set to be bought by Boohoo, for what is thought to be considerably less than the £18m the company paid for Coast and Karen Millen in August 2019.

If it goes ahead, the deal will bring the number of brands in Boohoo's empire to nine, with Oasis and Warehouse appealing to a slightly older age group than its other brands.

Boohoo, which was set up in 2006, now has a market value of almost £4.7bn.

Punchline said: "Boohoo's takeover of brands like Oasis and Warehouse is helping to cement a shift in retail away from the high street and towards more online retailers - a shift which has been accelerated by the coronavirus pandemic. While the takeover will ensure the brands' survival, it is another nail in the coffin for the hight street."

Photo credit Google Maps July 2018

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