E Point Perfect – Interesting and beneficial content

Mike Ashley mulls bid for Kamani-owned ISawItFirst.com


ISawItFirst could be snapped up by Mike Ashley
// Mike Ashley is understood to be considering making an offer for ISawItFirst.com
// ISawItFirst was set up by former Boohoo trading director Jalal Kamani, the brother of Boohoo co-founder Mahmud Kamani

Mike Ashley is understood to be mulling a bid for ISawItFirst.com, the fashion etailer set up by Boohoo founder Mahmud Kamani’s brother Jalal.

Jalal Kamani was previously trading director at Boohoo and helped grow it into a global fashion empire before he left and set up ISawItFirst in 2017.

He has since grown the business to sales of £74.7 million in the year to October 3, 2021, up 29% year on year. However, losses widened slightly from £7.5 million to £7.7 million, according to its latest company accounts.

READ MORE: Mike Ashley’s Frasers bans ‘unproductive’ home working

The Telegraph has reported that Ashley could seal a deal to buy the fashion retailer over the next few weeks, although it said that sources had made clear that a transaction could still fail to transpire.

ISawItFirst would add to Ashley’s growing young fashion empire. Earlier this year, Frasers Group, the retail empire he controls, snapped up Missguided out of administration for £20 million. It also owns Jack Wills and USC.

ISawItFirst appointed former Matalan deputy CEO Greg Pateras as chief executive last November as Kamani became chair of the etailer.

Pateras was understood to have been hired to professionalise the fast-growing business and prepare it for a transaction, either a stock market flotation or sale.

Click here to sign up to Retail Gazette‘s free daily email newsletter


Source link >

Related posts

Halfords downgrades profit expectations despite rising sales

Boots takeover in doubt as buyers struggle to raise finance

Poor supermarket pricing is ‘letting shoppers down’

Brits scramble to buy rosé, ice cream and fans as first ever red heat warning is issued

Store closures, extra pay and time in lieu: how supermarkets are navigating the Queen’s funeral

Laura Ashley auditor fined for failing to highlight ‘foreseeable’ collapse