US Hedge fund giant builds 5% stake in Boohoo
The news of the hedge fund’s stake came after the group reported falling revenues at Boohoo.
Register to get 1 more free article
Reveal the article below by registering for our email newsletter.
Want unlimited access? View Plans
Already have an account? Sign in
Online fashion retailer Boohoo has seen its share price rise 3.7% as it disclosed that Citadel, one of the world’s largest hedge funds, has built up a 5% stake in the company.
Its shares rose by 2p to 57p after US-based Citadel became its fifth-biggest backer in the company.
According to Boohoo’s website, co-founder Mahmud Kamani remains the largest single shareholder in the group.
Citadel was founded in 1990 by CEO Ken Griffin, who has an estimated net worth of £21bn.
The news of the hedge fund’s stake comes after the group reported falling revenues at Boohoo, declining 8% in the first quarter of 2022, and the appointment of a new chief financial officer last month.
Shares in the group are at six-year low, having lost 82% in 2021.
