A top investor in Manchester-headquartered Boohoo has sold half its shares in the fashion giant.
T. Rowe Price International is an investment management firm that offers portfolio management and advisory services to individuals, institutions, trusts, private funds, charitable organisations and investment companies. The firm has reduced its holding in Boohoo to just under 5%, down from 9.7%.
It had been the largest institutional investor in Boohoo and was second overall, behind co-founder Mahmud Kamani. Other major investors in Boohoo include Norges Bank Investment Management, Invesco Advisers, Inc and Jupiter Asset Management Ltd.
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Shares in Boohoo are worth significantly less than they were this time last year. They were changing hands for around 264p each 12 months ago but are currently down at 66p.
Boohoo recently hit the headlines after the Competition and Markets Authority launched an investigation in its eco-friendly and sustainability claims alongside ASOS and George at Asda. The watchdog is to look into what each company says about their fashion products including clothing, footwear and accessories.
The move comes as part of its ongoing investigation into potential greenwashing and follows concerns around the way the firms’ products are being marketed to customers as eco-friendly. Boohoo also recently stopped its popular long-running free returns policy with the introduction of a £1.99 charge.
Last month a group owned by one of the richest men in the world snapped up a stake in Boohoo. Citadel GP LLC is majority owned by billionaire founder and chief executive Ken Griffin who provided funding to the Ricketts family in their bid to buy Chelsea from Roman Abramovich.
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