JP Morgan has taken a 5.1 per cent stake in Boohoo Group, making it the second largest shareholder in the Manchester-based fast-fashion giant.
The company’s biggest shareholder is still co-founder Mahmud Kamani, while the new filing reveals that JP Morgan has taken on the mantle of Boohoo’s largest institutional shareholder.
T Rowe Price International is now the third largest investor, having cut its stake from 9.7 per cent to 5 per cent over the summer.
The move comes after high return rates and cost-of-living pressures led to Boohoo marking a loss amidst falling sales during the first half of its financial year. The group made a pre-tax loss of £15.2m for the six months to August 31, 2022, compared to a £24.6m profit during the same period in 2021. Boohoo’s revenue also dropped 10 per cent during the same period.
The group, in common with compeitiors including ASOS, is also being investigated by the Competition and Markets Authority over sustainability claims.
