Boohoo news and archive

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...

Business

Boohoo slams Frasers for focusing on ‘own commercial self-interest’

In the latest instalment of the saga between Boohoo Group and Frasers Group, Boohoo has now slammed Mike Ashley’s Frasers for seemingly acting “on its own commercial self-interest” and focusing “solely on the value of its investment”. Responding to Frasers’ letter issued November 6, Boohoo reaffirmed its commitment to a strategy launched earlier...

Business

Frasers Group seeks shareholder approval for sale of Boohoo assets

Frasers Group has sent another open letter to Boohoo Group Plc, this time demanding shareholder approval before the company sells assets. The company, led by Mike Ashley, accuses Boohoo of ignoring the interests of shareholders. Summary • Frasers Group demands shareholder approval before Boohoo sells assets. • Frasers accuses Boohoo's board of...

PeopleFeatured

Boohoo appoints Dan Finley as chief executive

British online fast-fashion giant Boohoo has named Dan Finley as the group’s chief executive officer, defying major shareholder Frasers Group to install its owner Mike Ashley at the helm. In a statement, Boohoo said Finley, formerly of JD Sports and currently CEO of Debenhams, will take up his new role with immediate effect, succeeding John...

People

Mike Ashley doubles down on intention to helm Boohoo

After Boohoo turned down his offer to take over the firm’s management, Mike Ashley, the founder of Frasers Group, has doubled down on his mission to helm the fast fashion giant. In a letter to The Sunday Times, the businessman underlined the urgency to which someone must fill the currently vacant chief executive position at Boohoo after the...

Retail

Boohoo responds to Frasers letter demanding Mike Ashley’s appointment as CEO

Boohoo has responded to Frasers Group’s open letter yesterday demanding to replace the company's current CEO John Lyttle with the appointment of Mike Ashley. Boohoo said in the statement: "Frasers' wish for Mike Ashley to be appointed as a director and chief executive officer was first communicated by Frasers at an in-person meeting on the...

BusinessFeatured

Mike Ashley calls to be appointed CEO of Boohoo, brand unveils identity refresh

Frasers Group’s Mike Ashley has requested to be appointed the chief executive officer and a director of fast fashion giant Boohoo Group where an apparent “leadership crisis” is resulting in declining revenues and a falling share price. The call was made in an open letter to Boohoo from Frasers, where it said the group is requisitioning a general...