Ex-Asos director Peter Williams is to become chairman of Boohoo.com – a rival online fashion store – as it finalises listing plans valuing it at £500m, Sky News understands.
Williams, a seasoned retailer who left the Asos board last year, is to take the reins as the company prepares to float on the stock market.
Boohoo’s appointment of Williams as chairman will likely be confirmed in a statement about its intention to go to market, which could come as soon as this Friday, according to Sky News sources.
Boohoo reported profits of just £3.2m last year, but a source suggested that a recent restructuring of the business could lead to a substantial jump in profits this year, making the £500m valuation tag seem more feasible.
Williams’ appointment will provide a credibility boost for the company, too.