Manchester-based online fashion giant Boohoo Group plc confirmed on Tuesday it has made an offer to acquire the online business of Karen Millen and Coast.

Boohoo Group shares rose about 4% to give the firm a current stock market value of around £2.67 billion.

“The group believes that the online business of these brands would represent highly complementary additions to its scalable multi-brand platform and extend the group’s offer as part of its vision to lead the fashion e-commerce market globally,” said Boohoo Group in a stock exchange statement.

“These discussions may or may not result in agreement of a transaction.

“A further announcement will be made when appropriate.”