Online fast-fashion e-tailer Boohoo.com (BOO) has agreed to pay $20m (£16.3m) for US rival Nasty Gal. The US clothing website filed for bankruptcy at the end of November, which means the assets will be sold as part of a court approved bidding process, lasting 30 days. This means boohoo’s bid may not result in a transaction if better offers are obtained by Nasty Gal during the auction process.
That said, Boohoo will be taking part in the process as a "stalking horse" - which means Nasty Gal has selected it to make the first bid. Nasty Gall was founded in 2006 by entrepeneur Sophia Amoruso, who went on to chronicle her tale of founding the business in the now-renowned book "Girl Boss". The online shop caters to teenage girls and women in their 20s - the same age group that Boohoo targets.
