Boohoo Group launches strategic review, CEO John Lyttle resigns

Following five years with the business, Boohoo Group CEO John Lyttle has decided to stand down and will remain with the company until a successor is found.

The company also announced the signing of a new 222 million pounds debt financing agreement and undertaking of a review of options for each division to maximise shareholder value.

Commenting on the update, Mahmud Kamani, group executive chairman said in a statement: "The time is now right to consider options with regard to corporate structure, with the aim of maximising shareholder value. John has built a talented and inspiring leadership team who will ensure we are best positioned for sustainable growth."

For the second half of FY25, the company expects a higher GMV and a stronger adjusted EBITDA performance, despite further investment into the brands to unlock shareholder value. The company said while performance in the youth brands has remained impacted by the external environment, the group continues to see considerable GMV growth for Debenhams external marketplace, with an additional 5,000 brands signed within the period.

The group will publish its results for the six months in early November 2024.