Carol Kane, the co-founder of Manchester-based fashion giant Boohoo has handed her ex-husband £5.4m worth of shares in the company to fund their divorce.
Kane co-founded Boohoo with Mahmud Kamani in 2006, and by the time of its IPO in 2014 it had grown into a global fast fashion phenomenon with a valuation of almost £600m.
Kane and interior designer Mark White had been together for around 30 years when they married in 2016.
She has transferred more than 13.3 million shares in the group to White, according to documents filed with the London Stock Exchange.
The shares are worth £5.4m and represent about one per cent of the current issued share capital of Boohoo. The documents also show that Kane is retaining a 1.58 per cent holding in the company.
Boohoo, in common with most online and physical retailers, has been facing a challenging environment this year, fuelled by higher return rates post-pandemic and cost-of-living pressures on customer spending.
The group made a pre-tax loss of £15.2m for the six months to August 31, 2022, compared to a £24.6m profit during the same period in 2021.