Boohoo co-founder Kamani invests in MySale
Boohoo co-founder Mahmud Kamani has become an investor in Australian flash sales platform MySale. According to a statement filed to the London Stock Exchange, Kamani has secured a 4.76% stake, buying over 45 million shares in the company on 31 August. No other details were available.
The news comes after Frasers Group made a cash offer to buy MySale Group last month. The retail giant is already MySale’s largest shareholder with a holding of 28.7%. It offered 2p per share for the online retailer which valued the shares it does not hold at £13.6 million.
In a statement issued on 17 August, MySale said its board would “evaluate the offer and make a further announcement in due course”.
Newly-filed documents with the London Stock Exchange have also revealed that Harold Tillman, former head of Jaeger and Aquascutum, also has a stake in MySale of 1.26%.
It's unclear what Kamani's intentions are and whether he might try to win control of MySale.
Frasers Group snapped up its stake in MySale earlier this summer for an undisclosed sum.
A statement issued by Frasers Group said at the time: “Through the combination of the resources available to Frasers Group and the capabilities of the MySale business, Frasers Group believes the offer can accelerate Frasers Group's global growth strategy, enhance its operational capabilities and its offering to consumers and provide a platform from which to explore further opportunities for investment in retail opportunities in Australia and the surrounding regions.”
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