Saturday 25 November 2017

Boohoo boss banks £10.7 million in share sale

Carol Kane, who is joint chief executive at Boohoo, sold 4.65 million shares at 2.30p each, according to a stock market filing.

Boohoo
Boohoo

By Ravender Sembhy, Press Association City Editor

The boss of Boohoo has banked £10.7 million after offloading a slug of shares in the online fashion retailer.

Carol Kane, who is joint chief executive at Boohoo, sold 4.65 million shares at 2.30p each, according to a stock market filing.

Following the transaction, Ms Kane now holds a 4% stake in Boohoo.

The share sale was disclosed a day after Boohoo’s shares slumped over 15%, despite the firm upgrading its revenue guidance as half-year sales rocketed.

Investors were spooked by a reduction in guidance for the retailer’s earnings margin.

On Thursday, shares in Boohoo were down 6% following the news at 205p.

Retail analyst Nick Bubb said: “Director share selling is never easy to time well, but yesterday’s share sale by Boohoo’s joint CEO Carol Kane seems to have hit a nerve in the City, given the concerns about margin pressure.”

Earlier this year co-founder and joint chief executive Mahmud Kamani, along with his siblings Rabia Kamani and Nurez Kamani, raked in £80.5 million after offloading 36.6 million shares.

Before the recent share falls, Boohoo’s market capitalisation had been closing in on £3 billion.

Press Association

Promoted Links

Today's news headlines, directly to your inbox every morning.

Promoted Links

Editors Choice

Also in World News