Boohoo news and archive

Boohoo shareholders deny Frasers’ board pursuit: Is the end in sight for the boardroom battle?

Shareholders of Boohoo Group have voted against the appointment of Frasers Group founder Mike Ashley and its proposed director, Mike Lennon, to the fast fashion giant’s board of directors. The decision was made during a general meeting requisitioned by Frasers, which had carried out a campaign to gain representation amid declining sales at...

People

Debenhams promotes Patrick Duggan to creative director

Boohoo-owned Debenhams has promoted its head of creative to the role of creative director. Patrick Duggans takes on the leading role after being with Boohoo for four and half years, having initially joined in July 2020 as creative manager for Coast and Karen Millen. Duggans went on to become head of creative at Debenhams in October 2021, a role...

Business

Boohoo stands firm in new letter to Frasers Group

In what is yet another response to another open letter issued by Frasers Group, Boohoo is remaining firm on its stance that its majority shareholder should not have its resolutions approved in the company’s forthcoming general meeting. In this latest filing, Boohoo specifically addresses Frasers’ most recent letter to the retailer’s...

Business

Frasers states Boohoo ‘grossly exaggerated’ conflicts as retailer cuts jobs

The war of words continues between Frasers Group and Boohoo, which are currently embroiled in a public dispute over boardroom control amid falling sales at the latter. Just hours after Boohoo announced that a proxy advisor recommended for shareholders to vote against Frasers’ proposals in the group’s upcoming general meeting, Frasers has issued...

Business

Boohoo gets further proxy backing in boardroom battle

Building on prior support from the Institutional Shareholder Services (ISS), Boohoo has now received backing from an independent proxy advisor in regards to its upcoming General Meeting, in which an anticipated boardroom battle is expected to ensue. Glass Lewis has offered its recommendation that Boohoo shareholders are to vote against...

BusinessFeatured

What is going on at Boohoo? Espionage claims arise as boardroom battle continues

The past few months have been turbulent for Boohoo, to say the least. Yet, last week, things seemed to come to a head when claims of espionage arose at the fast fashion giant. According to a report by The Times, three current and former executives of Boohoo are believed to be the victims of stalking and surveillance. The alleged espionage is...

Business

Boohoo fundraising receives lender backing

Boohoo has officially received lender consent in regards to its fundraising, which has been set out to “unlock and maximise shareholder value”, as stated by chairman, Tim Morris. The fast fashion giant has initiated plans for a Placing & Subscription and Retail Offer through which it is aiming to raise up to 39.3 million pounds. The proceeds of...

Business

Frasers calls for removal of Boohoo co-founder, reaffirms Ashley bid

Frasers Group has doubled down on its criticism of Boohoo Group, now calling on the company’s shareholders to vote out its co-founder and chairman, Mahmud Kamani. In an open letter, Frasers presented Boohoo shareholders with a choice: “win with [Frasers owner, Mike] Ashley or lose with Mr. Kamani”, stating that the latter’s delivery of results,...

People

Boohoo appoints Tim Morris as independent chair

Boohoo Group has announced the appointment of Tim Morris as the company’s independent chair with immediate effect. The company said in a statement that the appointment follows a series of decisive steps taken by the board since announcing its business review, including the completion of the refinancing, the appointment of Dan Finley as CEO and...

Business

Boohoo raises 33.3 million pounds via placing and subscriptions

On the heels of publishing its interim six month report, Boohoo has reported that it has successfully secured gross proceeds of around 33.3 million pounds in an oversubscribed Placing and Subscriptions process. Launched November 13 and closed today, the Placing and Subscriptions were offered at an issue price of 31 pence per share, a 3.3 percent...

BusinessFeatured

Boohoo revenue and profit decline, announces fund raising plan

In an interim results announcement for the six month period, Boohoo said revenue of 619.8 million pounds, declined by 15 percent reflecting difficult market conditions. The company added that the revenue growth was also impacted by the continued growth of the marketplace with its commission-only revenue model. Boohoo also announced a proposed...

Business

Boohoo stirs tension, reportedly excludes Frasers from investor meeting

Boohoo’s new chief executive officer, Dan Finley, is believed to be planning a meeting with the company’s biggest shareholders over the next week. However, one of the most notable is believed to be missing from the round up. After weeks of escalating back and forth scrutiny, it appears Frasers Group is now being shunned from Boohoo’s invite...