Mahmud Kamani

Last updated

Mahmud Kamani
Born
Mahmud Abdullah Kamani

August 1964 (age 58–59)
NationalityBritish
OccupationBusinessman
Known forChairman, Boohoo Group plc
Children3, including Umar Kamani and Adam Kamani

Mahmud Abdullah Kamani (born August 1964) is a British billionaire businessman. He is co-founder and executive chairman of Boohoo Group.

Contents

Early life

His father Abdullah Kamani is from Gujarat, India; settled in Kenya, but left in the 1960s due to unrest and moved to north-west England with his wife and four children. [1] [2] Abdullah started by selling handbags at a market stall, before starting a family textile business, supplying New Look and Primark. [2]

Career

In 2013, Kamani was awarded ‘Entrepreneur of the Year’ at the English Asian Business Awards. [3] In 2015 he was honoured at the Legends of Industry Awards. [4]

In April 2017, Boohoo announced that its profits had almost doubled to £31 million on sales up by 51% to almost £300 million. [5] When the company was floated on the stock market in 2014, it was valued at £560 million, and is worth about £3.54 billion as of July 2021. [5] In June 2017, Kamani sold a total of 36.6 million shares together with his siblings, Nurez and Rabia. He sold over £80 million worth of Boohoo shares and raised an additional £50 million by placing 22.7 million new shares. The funds raised are earmarked for the development of a “supersite” warehouse. [6] [7] [8]

In April 2018, Boohoo shares recovered after brand PrettyLittleThing doubled sales. Boohoo owns 66% of the brand. [9]

In February 2021, Boohoo has bought Arcadia brands Dorothy Perkins, Wallis and Burton out of administration for £25.2 million. Boohoo has bought the brands' e-commerce and digital assets and associated intellectual property rights. [10]

Personal life

Mahmud Kamani and his wife Aisha have three sons. Two of them, Umar Kamani and Adam Kamani, who co-founded PrettyLittleThing, are active in the family business. [11]

His brother Jalal Kamani is the former trading director of Boohoo. [12]

Mahmud Kamani retains his connection to Kenya by supporting Kibera Kids, a Nairobi-based non-profit organization. [13]

In July 2020, allegations were made about the I Saw It First fashion brand and Morefray Ltd, a supply company to Boohoo, of paying less than the minimum wage and failing to protect staff from coronavirus during the pandemic. The company is owned by Jalal Kamani, who jointly founded Boohoo with his brother Mahmud. [14]

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References

  1. ↑ "The lavish life of the Boohoo billionaires". NZ Herald. Retrieved 5 May 2021.
  2. 1 2 Zoe Wood. "Boohoo determined not to be another fashion sob story | Business". The Guardian. Retrieved 15 May 2017.
  3. ↑ Begum, Shelina (1 October 2013). "Boohoo founder recognised at national awards". men. Retrieved 25 June 2018.
  4. ↑ "Legends of Industry Awards 2015". Variety, the Children's Charity. 20 November 2015. Retrieved 25 June 2018.
  5. 1 2 "Boohoo online fashion retailer sees its profits double - BBC News". Bbc.co.uk. 26 April 2017. Retrieved 15 May 2017.
  6. ↑ Monaghan, Angela (9 June 2017). "Boohoo co-founder sells £80m in shares as he reveals 'supersite' plan". the Guardian. Retrieved 25 June 2018.
  7. ↑ Begum, Shelina (8 June 2017). "Shares soar as Boohoo raises £50m to fund new 'super' warehouse". men. Retrieved 25 June 2018.
  8. ↑ "Boohoo bounces after raising £50m and upgrading sales forecast". Financial Times. Retrieved 25 June 2018.
  9. ↑ Smith, Rebecca (25 April 2018). "Boohoo shares soar after sales nearly double on "exceptional" performance" . Retrieved 25 June 2018.
  10. ↑ "Boohoo buys Arcadia brands Dorothy Perkins, Wallis and Burton for £25m". CityAM. 8 February 2021. Retrieved 18 February 2021.
  11. ↑ "Boohoo's billionaire founders have little to cry about". NewsComAu. Retrieved 25 June 2018.
  12. ↑ Dennys, Harriet. "City Diary: No tears as Boohoo.com keeps it in the family". Telegraph. Retrieved 15 May 2017.
  13. ↑ "Key Partnerships | Kibera Kids | 0161 817 5020". www.kiberakids.org. Retrieved 25 June 2018.
  14. ↑ Davies, Rob (10 July 2020). "Boohoo co-founder Jalal Kamani linked to Leicester garment factory" – via www.theguardian.com.
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