Manchester-based online fashion giant Boohoo Group plc said late on Tuesday it completed an asset purchase agreement for British brands Karen Millen and Coast.

The brands were recently put up for sale by Icelandic bank Kaupthing.

“The group has acquired the online business and all associated intellectual property rights from the administrators of Karen Millen Fashions Limited and Karen Millen Retail Limited, both of which entered into administration on 6 August 2019, for £18.2m, funded by the group’s existing cash resources,” said Boohoo Group.

“Founded by Karen Millen and Kevin Stanford in 1981, Karen Millen is known globally for creating beautifully crafted fashion for confident women who know their own style.

“Coast was founded in 1996 with the belief that life is for living, fashion should be fun and dressing up is for every day.

“The group believes that the online business of these brands are highly complementary additions to its scalable multi-brand platform and their acquisition extends the group’s offer as part of its vision to lead the fashion e-commerce market globally.”

Boohoo Group said that in its most recent financial year to February 2019, unaudited management information shows that direct online sales from the websites of Karen Millen and Coast totalled £28.4 million.

Boohoo Group CEO John Lyttle said: “The acquisition of the online business of two great and renowned British brands in Karen Millen and Coast represents another milestone in the group’s growth story as it continues to invest in its scalable multi-brand platform and gain further share in the global fashion e-commerce market.”