A US investment giant has taken a 10% stake in online fashion retailer Boohoo to become one of its largest shareholders.
T. Rowe Price is a publicly-owned firm headquartered in Baltimore, Maryland, and was founded in 1937.
The business has around 5,000 employees in Baltimore and 16 international offices servicing clients in 47 countries around the world.
The firm already has a major stake of more than 11% in Boohoo counterpart ASOS which acquired the Topshop, Topman, Miss Selfridge and HIIT brands towards the start of 2021.
According to Boohoo’s website, T. Rowe Price’s latest investment makes it the third largest shareholder in the Manchester-headquartered group behind Jupiter Fund Management in second and founder and co-CEO Mahmud Abdullah Kamani in first place.
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Other major shareholders include Invesco (Oppenheimer Funds), Rabia Abdullah Kamani and Baillie Gifford & Co.
As of July this year, a total of 24.8% of shares in Boohoo are not in public hands.
The investment from T. Rowe Price comes after Boohoo announced plans to create 5,000 jobs as part of a £500m investment plan in the UK to mark its 15th anniversary.
The jobs will be created over the next five years, and Boohoo said the investment will help the firm continue its “Incredible growth”.