Mahmud Kamani and family
Fast fashion retailer Boohoo is making a fortune from teens and twentysomethings buying cut-price clothes. With sales consistently beating expectations, shares in the Manchester-based online operation have more than tripled in the past year, valuing the business at £1.58bn. Co-founder Kamani, 52, has been called a straight-talking stalwart of the city's rag trade. Trading runs in the family. His father Abdullah moved to Britain from Kenya in 1968 and started selling handbags on the street before expanding into a textiles business.
“We worked hard when we were on market stalls; we work hard now,” Kamani told one interviewer. “It’s what we’ve always done. I don’t have another hobby or life. I want to walk into my office an old man.” Kamani and his family made £206m in share sales at the float. Various family members now own 38.14% of the operation, to a combined value of £602.6m – up a colossal £416.6m on last year. Adding other assets, the Kamanis reach £732m.