News that hedge fund giant Citadel has built a 5% stake in Boohoo has boosted the online fashion retailer's share price by 3.7%, according to a report by RetailSector.
News that hedge fund giant Citadel has built a 5% stake in Boohoo has boosted the online fashion retailer's share price by 3.7%, according to a report by RetailSector.
Boohoo's shares rose by 2p to 57p after US-based Citadel, which was founded in 1990 by CEO Ken Griffin, emerged as the company's fifth biggest backer. Despite the boost, shares in the group remain at a six-year low, having lost 82% in 2021.
News of Citadel's investment comes after Bohoo reported an 8% fall in revenue for the first quarter of 2022. Last month, the company appointed a new chief financial officer, while co-founder Mahmud Kamani remains the largest single shareholder in the group.
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