A group owned by one of the richest men in the world has increased its stake in Boohoo.
Citadel GP LLC, which is majority owned by billionaire founder and chief executive Ken Griffin, has upped its holdings in the Manchester-headquartered fashion giant from 5.3% to 8.9%.
Mr Griffin provided funding to the Ricketts family in their failed bid to buy Chelsea from Roman Abramovich last year.
READ MORE: Click here to sign up to the BusinessLive North West newsletter
Hedge fund Citadel GP LLC was founded in 1990 by Mr Griffin who has an estimated net worth of £21bn.
His company is headquartered in Miami, it has over 2,500 employees and looked after more than $50bn in assets as of May this year.
According to Boohoo's website, co-founder Mahmud Kamani remains the largest single shareholder in the group.
Other major investors include T. Rowe Price Associates, Inc. / T Rowe Price International Ltd, Norges Bank Investment Management and Baillie Gifford & Co.
The move came as Boohoo was forced to rethink its bonus plan after a "unique and unprecedented set of macro-economic and market headwinds experienced over the last three years".
The group said there is now "little or no value" in the existing Growth Share Plan or the current Management Incentive Plan after its market capitalisation "significantly decreased".
As a result, it added they "no longer operate as an effective incentive mechanism for this critical population who are responsible for driving business performance and delivering boohoo's strategic objectives".
Under the new plan, a total of £175m would be handed out over a period of time if Boohoo's market capitalisation reaches £5bn.
The plan would also net group chief executive John Lyttle a maximum bonus of £50m, a £25m pay out for chief financial officer Shaun McCabe, £20m to co-founder Carol Kane and £12.5m to Samir Kamani, the CEO of Boohoo and BoohooMAN.
READ MORE:
