to be valued at £560m

Stephen Chapman's picture

Manchester-based online fashion retailer,, will have a market capitalisation of £560m when it lists on London’s AIM.

That value has been calculated through 600m shares that were placed on Friday at 50p, raising £300m.

The company, which is owned by the Kamani family, was established in 2006. It designs, sources and sells own brand clothing, shoes and accessories to the 16-24-year-old market.

Over the last few years, it’s become the second largest purely online business in the sector, behind ASOS.

In December it revealed a 132% increase in turnover, with international sales accounting for 35% of profits.

Some of the proceeds raised in next week’s flotation will be used to repay convertible loans held by existing shareholders (£240m), with £50m earmarked for accelerating expansion and building its working capital.

Trading will start on March 14th, with the Kamani family and current board members retaining a 44% stake in the company.