JP Morgan is now Boohoo's second-biggest shareholder
JP Morgan has become the second-largest Boohoo shareholder, with the global investment giant snapping up a 5.1% stake in the online fashion group, according to newly-filed documents with the London Stock Exchange.
The move means JPM is now the largest institutional investor in the group as T Rowe Price International cut its stake in boohoo to 5% from 9.7% in August, reported Business Live.
The business’s largest single shareholder remains co-founder Mahmud Kamani, although he has seen the value of his share in the business shrink to just £60 million, plummeting by £500 million in just two years.
Its share price has mostly been on a downward trajectory this year, falling from over 90p a share in April to just over 39p today.
The JPM interest comes after the online fast-fashion retailer announced a pre-tax loss of £15.2 million for the six months to August 31, compared to a £24.6 million profit during the same period in 2021, Boohoo also reported a 10% drop in its revenue to £882.4 million.
But while its results declined, the institutional investor clearly sees value in the business at its current share price and seems to expect an eventual recovery.
Other major investors in Boohoo include Norges Bank Investment Management, Invesco Advisers and Jupiter Asset Management.
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