Chief Executive Benjamin Nasarin confirmed that Fashionmall.com had purchased “the very heart of Boo.com. All its domain names, trademarks, front-end contents and contents rights.” He said that the price being paid was more than the figure of £250,000 paid earlier this week by internet venture group Bright Station for the technology side of the business. Bright Station will licence the technology solutions to consumer retailers.
Boo.com had spent £135 million of funding in less than 18 months, building its brand name throughout Europe. Nasarin said the group would transform Boo’s business model. “Boo’s business model failed. But Boo the brand was succeeding. Boo is probably one of the top 10 most recognised brands on the internet.”
Nasarin explained that Boo.com would become a portal to connect shoppers to retailers, manufacturers and catalogues, rather than continue in direct retail.
Fashionmall.com has said it will use Boo.com to expand its business in Europe. The Boo.com web site now redirects traffic to Fashionmall.com. However, the company has promised to maintain Boo.com as a force on the internet.
Boo.com called in KPMG as liquidators last month after investors refused to provide additional funding to save the company.