Boohoo calls on shareholders to vote against founder’s board removal

Boohoo has once again called on shareholders to vote against a resolution to be brought forth in an upcoming general meeting requisitioned by Frasers Group. Set to take place 21 January 2025, the meeting will require shareholders to vote on whether or not to remove Boohoo founder Mahmud Kamani as a director of the business.

In a new letter issued to shareholders, Boohoo has recommended for shareholders to vote against Frasers’ call for Kamani’s removal. In the publication, the group said the demand formed “part of an ongoing campaign by Frasers which appears intent on destabilising Boohoo and disrupting the board’s plans to unlock and maximise shareholder value”. Boohoo added that Frasers was “acting only in its own commercial self-interest”.

Boohoo’s Independent Committee, meanwhile, was said to be “unanimous” in the view that Kamani should remain as director. The exec was called an “integral part of the leadership team” by Boohoo, which added that his counsel and guidance remained “invaluable” to the business.

Kamani’s removal was one of the resolutions raised by Frasers back in November 2024, when the group set about calling for a leadership overhaul at the fast fashion giant following a string of lacklustre financials. While in mid-December, Boohoo shareholders had ultimately voted against Frasers’ other proposals–appointing Frasers founder Mike Ashley and Mike Lennon to the Boohoo board–the group continued to underline its little faith in Kamani as a director.

Both Boohoo and Frasers have been in somewhat of a back-and-forth war of words since the former announced its intention to launch a business review in October, following the departure of its former CEO John Lyttle. Upon shareholders voting against Ashley and Lennon’s appointment, Frasers reaffirmed its ongoing commitment to secure board representation at Boohoo.