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.
