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Birmingham Post
Birmingham Post
Business
Jon Robinson

Global investment giant JP Morgan becomes second largest shareholder in Boohoo

Global investment giant JP Morgan has become the second largest shareholder in Boohoo.

The company has snapped up a 5.1% stake in the Manchester-headquartered fashion group, according to newly-filed documents with the London Stock Exchange.

The move means it is now the largest institutional investor in the group.

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Boohoo's largest single shareholder remains co-founder Mahmud Kamani.

T. Rowe Price International is now the third largest investor, having slashed its stake from 9.7% to 5% in August.

Other mayor investors in Boohoo include Norges Bank Investment Management, Invesco Advisers, Inc and Jupiter Asset Management Ltd.

The move comes after higher returns and cost-of-living pressures on customer spending led to Boohoo falling to a loss and its sales slumping 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 also reported a 10% drop in its revenue to £882.4m.

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