Boohoo.com PLC has completed its acquisition of Nasty Gal. The deal closed for $20 million, which will be financed through cash and a debt facility of 12 million pounds. Nasty Gal will be consolidated as of March 1.
A favorite among young fashionable women, Nasty Gal filed for bankruptcy in November, and Boohoo immediately seized on it as a way to extend its reach the U.S.
The British retailer, which is keenly focused on the millennial customer, also announced today that it’s on a roll. The company has updated its sales guidance and now expects revenue growth to be up by 50 percent to February 28, 2017, besting the guidance issued on January 10th, which was between 46 and 48 percent. Boohoo expects to deliver an adjusted EBITDA margin to be at the top of its 11 to 12 percent guidance range for boohoo.com and prettylittlething.com.
With PrettyLittleThing, which the company acquired a majority stake in last month, and now NastyGal, Boohoo is focused on young women looking for the latest trends at the best price.
The company reported a 55 percent revenue spike for the four months ended December 31, 2016. And it boasts 5.1 million active customers, which is a 31 percent increase. Boohoo continues to delight its fans with 100 new styles on its site daily and a new collection each week.