The US Bankruptcy Court has approved Boohoo’s bid to acquire certain intellectual property assets and customer databases from Nasty Gal.
Boohoo confirmed on 28 December that it had entered into an asset purchase agreement for the assets for $20m (£16.4m).
The proposed transaction will be governed by a court-approved bidding process. The closing date for bids is 2 February. Boohoo’s bid may not result in a sale if higher or more favourable offers are received during this time.
If Boohoo is successful, the transaction will be subject to final approval by the US courts expected on or around 8 February.
Boohoo’s board believes the sale has the potential to accelerate its international growth, particularly in the US, “building on its existing customer reach and product range”.