US investment giant becomes third-largest Boohoo backer
Baltimore-headquartered investment giant T. Rowe Price has expanded its online retail portfolio, taking a 10% stake in Boohoo.
The move makes the investor the third-largest shareholder for Manchester's Boohoo, with founder Mahmud Abdullah Kamani holding the largest stake, and Jupiter Fund Management with the second-largest.
T. Rowe Price is also major shareholder in fellow ecommerce giant ASOS, holding a stake of more than 11% - putting it one place behind ASOS's largest backer, Bestseller A/S, which holds a 29.5% stake. T. Rowe Price serves 47 countries and has 16 offices worldwide.
In February, Boohoo acquired high street brands Dorothy Perkins, Burton and Wallis - outlaying £25.2 million for the labels, which were originally part of Arcadia - and integrated them into their online retail offering. More recently it announced its intention to invest £500 million in the UK over the course of the next five years.