Mahmud Kamani

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

Mahmud Kamani
Born
Mahmud Abdullah Kamani

August 1964 (age 55)
NationalityBritish
Occupationbusinessman
Known forco-founder and joint CEO, Boohoo.com
Net worth£1 billion (May 2018)[1]
Children3, including Umar Kamani and Adam Kamani
Parent(s)Abdullah Kamani

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 honoured 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]

Mahmud Kamani retains his connection to Kenya by supporting Kibera Kids, a Nairobi based non-profit organization.[13]

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