Former PrettyLittleThing CEO Umar Kamani makes £20million profit in Dubai land sale

Former PrettyLittleThing CEO Umar Kamani has made more than £20 million in a ‘record-breaking’ land sale in Dubai after selling a 30,000 ft undeveloped ‘forest of sand’ for more than £27 million, it has emerged.

Kamani, 35, bought the land on Jumeirah Bay Island in 2017 for $8 million (£6.42 million) and has sold it to an undisclosed buyer – reportedly a member of the Saudi royal family – for $34 million. £27.28 million). ).

The empty island off the coast of Dubai is part of the ‘World Islands’ project, an artificial archipelago consisting of about 300 islands in the shape of a world map.

According to Knight Frank, the brokerage firm responsible for the deal, it has set a new record for the most expensive vacant land transaction ever on the island.

“It’s 125 million for sand,” said Andrew Cummings, head of frontline housing at Knight Frank in Dubai. “Everything that made it to the press was mostly spectacular villas, incredible penthouses and all that stuff. But this is just a huge record breaker for a piece of land.’

Only a few homes on the island have been completed. Some are under construction, others have yet to be built.

The empty island off the coast of Dubai is part of the ‘World Islands’ project

PrettyLittleThing playboy CEO Umar Kamani

The island is also home to the Bulgari Resort, one of the most expensive hotels in the city, as well as the future Bulgari Lighthouse tower, where condo sales prices have peaked before it’s even built. The top penthouse – a nine-bedroom apartment with five parking spaces – was sold in February for 410 million dirhams.

According to Bloomberg, real estate agents predict records will continue to be broken. For example, the seller in the Jumeirah Bay Island transaction also owns an identical lot next to the first one. He plans to offer it for 135 million dirhams.

It comes after the April 16 news that Kamani would be stepping down as CEO of the clothing platform after 10 years.

The businessman, 35, who co-founded the fashion company with brother Adam in 2012, has overseen PLT’s explosive growth from a humble website selling accessories to a global brand now worth an estimated £3.8 billion.

Since its inception, PrettyLittleThing has become known for their celebrity collaborators, including Kylie Jenner, Khloe Kardashian, Little Mix, Gemma Owen, and Molly-Mae Hague, who is also the online giant’s creative director.

Umar’s (left) father Mahmud Kamani (right) co-founded Boohoo in 2006 with Carol Kane

The fashion retail brand is owned by Boohoo, which was co-founded by his billionaire father Mahmud Kamani. He is pictured with his girlfriend Nada Adelle in Monte-Carlo, Monaco

Umar is often photographed rubbing shoulders with A-listers such as Naomi Campbell, Paris Hilton and Liam Payne. He is now a celebrity in his own right and over the years has singled out the talent he would like to see wearing his brand of fashionable clothes.

But after a decade in the hot seat, Umar decided to step down as CEO after previously selling his remaining 34 percent stake in PrettyLittleThing to Boohoo, which is run by his father.

A source close to the brand told MailOnline on April 16, “Umar has been the centerpiece of PrettyLittleThing since its conception, but now he is ready for a new challenge.

“He leaves a very happy man after achieving extraordinary success and traveling the world, setting up PLT showrooms internationally.

“Umar keeps his cards close to his chest and has yet to reveal the details of his new business venture, but it won’t be long before he sets his sights on his next project.”

Umar confirmed his departure, saying, “After 12 years as CEO and Founder of PrettyLittleThing, I have made the difficult decision to step down as CEO.

“Twelve amazing years that changed my life and I will be forever grateful for all those memories. I am at the stage of my life where I need to set new challenges and goals for myself and build new brands that I hope you will love and support as much as I do with this brand.”

He added: ‘When I first had the idea of ​​starting this brand, I never could have imagined what we were going to achieve. Since our humble beginnings in 2012, PLT has grown to become one of the largest fashion brands in the world.

“If you know me, you know Disneyland and all the magic that surrounds it has always been one of my greatest inspirations. This is what I wanted to create with PrettyLittleThing, a fairytale world where unicorns exist and anything is possible.

‘A place where you find confidence and inspiration when it comes to what you wear and how you feel. Whatever success we have achieved is thanks to you, our loyal customers who have shopped with us, supported us and watched us grow into something I never dreamed of.”

Manchester-born Umar, who became engaged to model Nada Adelle in 2019, is a member of the founding family of the Boohoo group, which now owns a portfolio of brands including Nasty Gal, Coast, Wallis, Dorothy Perkins and Debenhams.

Umar’s father Mahmud Kamani co-founded Boohoo with Carol Kane in 2006 and the website quickly became a success because, unlike its competitor ASOS, the brand only sells its own clothing, increasing its profit margins.

Mahmud’s three sons Umar, Adam and Samir naturally became involved in his fashion empire, which dates back to their grandfather, whose textile wholesaler who bought clothes from India became a major supplier to high street stores such as New Look and Primark.

Adam remained a director at PLT until 2017 until he left the company to pursue a real estate startup, with Umar taking over the reins of the clothing company.

In 2020, Umar sold his remaining 34 per cent stake in PrettyLittleThing for £330 million as part of a lucrative deal that gave him £161 million in cash and 2.6 per cent shares in Boohoo.