boohoo.com raises £50m in funding to build new warehouse
UK-based online fashion retailer boohoo.com has raised up to £50m in funding for the construction of a new warehouse.
The amount raised through sale of shares will be used to build a new 600,000ft² ‘automated super site’.
The facility is expected to provide boohoo.com with more than £2bn of net sales capacity, in addition to the estimated £1bn net sales being provided by the company’s extended site in Burnley.
The land acquisition and construction of the new site are expected to cost £150m, according to the company.
In February, boohoo.com completed the $20m acquisition of certain intellectual property assets and customer databases from Nasty Gal.
boohoo.com joint chief executives Mahmud Kamani and Carol Kane said: "Our performance in the first quarter has been very encouraging across all brands and geographic regions.
"While it is early in the financial year, boohoo continues to perform well and PrettyLittleThing delivered exceptionally strong revenue growth in the first quarter as it continues to expand its young female customer base.
"Nasty Gal has made a promising start since we acquired the brand, with revenues growing strongly month-on-month, as we increased the product range."
The retailer said that it has grown rapidly in the UK and internationally, as well as expanded its product range into menswear and childrenswear through boohooMAN and boohooKIDS.
boohoo.com currently serves more than six million customers worldwide.