Boohoo has bought the online businesses of Karen Millen and Coast, in a move which has raised questions over the brands' future high street presence.

An initial 62 job losses have been announced as part of the deal, while over 1,000 more are in danger across 32 UK stores and 177 concessions.

The brands were put into administration on Tuesday before being immediately sold to online retailer Boohoo, in a process known as a pre-pack, for a reported £18 million.

Administrators at Deloitte said the stores would continue to trade for a short time while they realise the company's assets.
Bosses of the company said adding the brands to its roster, which already includes PrettyLittleThing, Nasty Gal and MissPap, would help it gain customers in the crowded online fashion market.

READ MORE: Boohoo offers to buy Karen Millen

Chief executive John Lyttle said: "The acquisition of the online business of two great and renowned British brands in Karen Millen and Coast represents another milestone in the group's growth story as it continues to invest in its scalable multi-brand platform and gain further share in the global fashion e-commerce market."

Karen Millen lost £5.7 million in 2018 and £11.9 million a year earlier.

Coast has also struggled, in part due to its locations in several Debenhams and House of Fraser stores, which have both had their own high street woes in recent years.

By comparison, Boohoo revealed a 39% jump in sales in the three months to May 31.

They added that sales for the brands are likely to be around £40 million to £50 million.

Chinese tech giant Tencent is in talks with French media company Vivendi to buy 10% of Universal Music Group, whose artists include Ariana Grande, Lady Gaga, U2 and the Rolling Stones.

Vivendi said it has started preliminary negotiations that value Universal Music at about 30 billion euro (£27.6 billion).
Tencent would have a one-year option to buy an additional 10% stake, Vivendi added.

READ MORE: Pound sinks against euro amid no-deal Brexit fears

The Chinese and French companies are also considering "areas of strategic commercial cooperation".

Vivendi said the deal would help it seize growth opportunities and better promote existing Universal artists, as well as new talents in emerging markets.

Tencent is the world's largest gaming company and one of the world's biggest social media businesses.

Mining giant Sirius has cast doubt over plans to build a colossal fertiliser mine in the North Yorkshire Moors after it halted a major bond offering.

READ MORE: Loch Fyne sees losses widen amid salmon cost rise

Sirius announced plans for the bond, worth 500 million US dollars (£410 million), in July to fund the development of the potash mine, but told investors that it has slammed the brakes on the move due to "market conditions".

Shares in the company tumbled after the announcement, continuing a significant slump which has seen its value fall by around 75% over the past year.

The mine near Whitby is set to be the world's largest mine for polyhalite, a potash fertiliser, but cash funds are needed to unlock a 2.5 billion dollar (£20.5 billion) credit facility which will secure the project's future.

Shares in Sirius were down 25.5% at 10.9p.