Boohoo Group PLC (LON:BOO) announced it acquired a new office in Soho, in London's West End, for £72mln.
Since acquiring the Karen Millen and Coast brands in 2019, the online retailer's presence in the capital has grown through organic means and more recently through the acquisitions of the Oasis, Warehouse, Debenhams, Dorothy Perkins, Burton and Wallis brands.
READ: boohoo cleans up UK supply chain but still ‘miles behind’ competitors, experts say
The new site will be dedicated to the AIM-listed firm’s London-based brands, including product, marketing, technology and central support teams, offering flexible working for 600 staff.
The announcement comes a week after the fast-fashion giant further expanded operations in England with a new lease for a new warehouse in Daventry.
The deal is expected to secure up to 500 jobs when the plant becomes operational, with up to a further 1,000 jobs as capacity increases at the site.
Added to the existing facilities in Burnley, Sheffield and Wellingborough, the online seller will reach net sales capacity of over £4bn.
"We see a continued opportunity for a strong ‘escape from lockdown’ bounce-back in going out clothing categories this year, of which boohoo should be a major beneficiary," analysts at Peel Hunt said.
Shares rose 2% to 359.6p on Tuesday morning.
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