Mahmud Kamani

Mahmud Kamani
Born Mahmud Abdullah Kamani
August 1964 (age 54)
Nationality British
Occupation businessman
Known for co-founder and joint CEO, Boohoo.com
Net worth £1 billion (May 2018)[1]
Children 3, including Umar Kamani and Adam Kamani
Parent(s) Abdullah Kamani

Mahmud Abdullah Kamani (born August 1964) is a British billionaire businessman, the co-founder of and joint CEO of Boohoo.com.

Early life

His father Abdullah Kamani left Kenya in the 1960s, and moved to north-west England with his wife and four children.[2] Abdullah started by selling handbags on a market stall, before starting a family textile business, supplying New Look and Primark.[2]

Career

In 2013, Kamani was awarded ‘Entrepreneur of the Year’ at the English Asian Business Awards.[3] In 2015 he was honored at the Legends of Industry Awards.[4]

In April 2017, Boohoo announced that its profits had almost doubled to £31 million on sales up by 51% to almost £300 million.[5] When the company was floated on the stock market in 2014, it was valued at £560m, and is worth about £2 billion as of April 2017.[5] In June 2017, Kamani sold a total of 36.6 million shares together with his siblings, Nurez and Rabia. He sold over £80 million worth of Boohoo shares and raised an additional £50 million by placing 22.7 million new shares. The funds raised are earmarked for the development of a “supersite” warehouse.[6][7][8]

In 2018, his brother Jalal Kamani sold 7.7 million shares for an estimated £15 million, and the Boohoo share price dipped by over 4% after news of the sale.[9] However in April 2018, Boohoo shares recovered after brand PrettyLittleThing doubled sales. Boohoo owns 66% of the brand.[10]

Personal life

Mahmud Kamani and his wife Aisha have three sons. Both Umar Kamani and Adam Kamani, who co-founded, PrettyLittleThing.com, are active in the family business.[11]

His brother Jalal Kamani is the trading director of Boohoo.[12] In 2017, Kamani was reported to have paid almost £1 million for son Adam’s wedding to Charlotte McHale on Lake Como in Italy.[13]

Mahmud Kamani retains his connection to Kenya by supporting Kibera Kids, a Nairobi based non-profit organization.[14]

References

  1. ↑ "Rich List 2017: #175, £732 million". The Sunday Times Magazine. 7 May 2017. p. 58.
  2. 1 2 Zoe Wood. "Boohoo determined not to be another fashion sob story | Business". The Guardian. Retrieved 15 May 2017.
  3. ↑ Begum, Shelina (2013-10-01). "Boohoo founder recognised at national awards". men. Retrieved 2018-06-25.
  4. ↑ "Legends of Industry Awards 2015". Variety, the Children's Charity. 2015-11-20. Retrieved 2018-06-25.
  5. 1 2 "Boohoo online fashion retailer sees its profits double - BBC News". Bbc.co.uk. 26 April 2017. Retrieved 15 May 2017.
  6. ↑ Monaghan, Angela (2017-06-09). "Boohoo co-founder sells £80m in shares as he reveals 'supersite' plan". the Guardian. Retrieved 2018-06-25.
  7. ↑ Begum, Shelina (2017-06-08). "Shares soar as Boohoo raises £50m to fund new 'super' warehouse". men. Retrieved 2018-06-25.
  8. ↑ "Boohoo bounces after raising £50m and upgrading sales forecast". Financial Times. Retrieved 2018-06-25.
  9. ↑ "MARKET REPORT: Boohoo sinks as owner's brother sells £14m shares". This is Money. Retrieved 2018-06-25.
  10. ↑ Smith, Rebecca (2018-04-25). "Boohoo shares soar after sales nearly double on "exceptional" performance". Retrieved 2018-06-25.
  11. ↑ "Boohoo's billionaire founders have little to cry about". NewsComAu. Retrieved 2018-06-25.
  12. ↑ Dennys, Harriet. "City Diary: No tears as Boohoo.com keeps it in the family". Telegraph. Retrieved 15 May 2017.
  13. ↑ "Fashion heir marries in £1 million Italian wedding". Mail Online. Retrieved 2018-06-25.
  14. ↑ "Key Partnerships | Kibera Kids | 0161 817 5020". www.kiberakids.org. Retrieved 2018-06-25.
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