The way we shop has completely transformed in the past 10 years, and there is no clearer sign of this change than online brand Boohoo buying out high street giant Debenhams. Billionaire Mahmud Kamani and his family have saved the failing brand, but will not take on any of the shops or staff. It’s the latest in a number of big high street names to join the Boohoo brand, and they’ve already snapped up Oasis, Coast and Karen Millen. Speaking about his decision to buy Debenhams for £55m, Mahmud said: ” Our ambition is to create the UK’s largest marketplace. “Our acquisition of the Debenhams brand is strategically significant as it represents a huge step which accelerates our ambition to be a leader, not just in fashion ecommerce, but in new categories including beauty, sport and homeware.” And based on his impressive business history, Mahmud has a good chance of making his ambition come true. He’s built Boohoo up from the very bottom, starting with just a small market stall in Manchester. He made his fortune when he got his designers to pour over photos of the likes of super-stylish Gigi Hadid and the Kardashians and create copy-cat outfits for… Read full this story
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