Clothing & Shoes

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.

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.

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