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Online fashion retailer Boohoo is reportedly seeking a larger London office following its recent acquisition spree that saw its purchases of a number of Arcadia brands and the Debenhams brand.
According to the Evening Standard, Boohoo is looking to upgrade from its current London office in Euston Tower to a space of between 60,000 to 80,000 sq feet.
The company, which is currently headquartered in Manchester, reportedly has already explored options around the capital’s West End.
Earlier this week, Boohoo confirmed that it has acquired the remaining brands from fallen retail empire Arcadia, in a move that will see the Burton, Dorothy Perkins and Wallis brands added to the online retailer’s portfolio.
Following a £25.2m transaction, the group will acquire all of the e-commerce and digital assets of the brands, as well as their associated intellectual property rights, including customer data, related business information and inventory.
The transaction, which is financed through the group’s existing cash resources, does not however include the HIIT brand or the brand’s retail stores, concessions or franchises.
The group said it marks a “significant” opportunity to grow its market share across a broader demographic, and strengthen its position as a “leader” in the global fashion e-commerce market.
In particular, the acquisition of Burton will strengthen Boohoo’s menswear proposition, according to the group, alongside its boohooMAN range and the recently acquired Maine and Mantaray brands.
There should be plenty of options for Boohoo after it was revealed the number of vacant units in the City of London has increased by 47% from 174 at the end of 2019 to 255 at the end of 2020, according to new research by retail data consultancy the Local Data Company
This equated to an increase in vacancy rate in the City of 3.5% in 2020 compared to an average increase of 1.3% for Greater London and 1.6% for the whole of Britain.
Vacancy is now at its highest level in five years in the City, which reflects how the area has been impacted more by Covid-19 than the rest of London and Britain, as city workers stayed home and footfall fell flat.
