UK online fashion retailer Boohoo.com plc has signed an agreement to acquire certain intellectual property assets of US fashion ecommerce website Nasty Gal for $20 million. Earlier on November 9, 2016, Nasty Gal had filed for Chapter 11 Bankruptcy Code protection in the US Bankruptcy Court, and the sale will be governed by a court approved bidding process.
According to Boohoo.com, its bid may not result necessarily in a transaction, if higher or more favourable offers are obtained by Nasty Gal during the auction process.UK online fashion retailer Boohoo.com plc has signed an agreement to acquire certain intellectual property assets of US fashion ecommerce website Nasty Gal for $20 million. Earlier on November 9, 2016, Nasty Gal had filed for Chapter 11 Bankruptcy Code protection in the US Bankruptcy Court, and the sale will be governed by a court approved bidding process.#
Founded by Sophia Amoruso in 2006, Nasty Gal is a bold and distinctive brand for fashion-forward, freethinking young women and reported net revenue of $77.1 million in the fiscal ended February 1, 2016.
However, the US online fashion retailer posted a net loss of $21.0 million after taking operating costs into account. (AR)
ALCHEMPro News Desk – India
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