Boohoo is the UK's fast-growing fast-fashion retailer that was set up in 2006 by Mahmud Kamani and his business partner Carol Kane.
It is now valued at more than $4.3 billion, and has just bought the Debenhams brand for £55 million.
The plan is to relaunch the department store as an online-only operation from next year.
Bosses said the deal, worth £55million, will not include saving Debenhams’ stores which will close for good as part of a structured winding down of the business.
Mahmud Kamani started his career by selling cheap clothes to market stallholders and high-street brands in the UK, including H&M and Primark.
He went on to set up Boohoo with co-founder and designer Carol Kane in 2006, with the idea of cutting out the middle man and selling directly to customers online.
From the start, the idea was based on fast fashion at low prices, with around 3,000 styles added every week.
In April 2017, Boohoo announced that its profits had almost doubled to £31 million on sales up by 51% to almost £300 million.
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.
In June 2017, Kamani sold a total of 36.6 million shares together with his siblings, Nurez and Rabia.
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.
Mahmud stepped down as co-CEO to become group executive chairman of the company last year, which according to The Times enhanced his power at the company.
Carol also stepped down as co-CEO to become creative director.
There has been some controversy though after a Sunday Times investigation last year found that workers in factories making its clothes in the UK were being paid as little at £3.50 an hour.
The company has said it is investigating this report and said that these factory conditions were "totally unacceptable" and "fall woefully short" of its standards.
