Boohoo investors reject bid from Frasers to remove co-founder
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Boohoo has seen off the latest attempt by Mike Ashley’s Frasers Group to overhaul the online fast fashion firm’s leadership as shareholders rejected a call to oust its co-founder from the board. The retailer – which also owns brands including PrettyLittleThing and Debenhams – said that 63% of votes cast by investors at a general meeting on Tuesday were made against a resolution tabled by Frasers to remove co-founder and group executive vice chairman Mahmud Kamani, who owns a more than 12% stake in Boohoo.
It comes weeks after Boohoo shareholders blocked attempts by Frasers to get founder Mr Ashley and restructuring expert Mike Lennon appointed to Boohoo’s board of directors, with 63.7% of shareholder votes cast against the motions. These continued distractions are not in the best interests of creating value for all shareholders.
Dan Finley, chief executive of Boohoo, said: “Once again, our shareholders have spoken. “We want to put this disruption and distraction behind us. “Our focus is on maximising value for all shareholders.”. Earlier this month, Boohoo accused Mr Ashley’s Frasers of a campaign to “destabilise” the firm and acting in its own “commercial self-interest” as the bitter war of words between the group and its largest shareholder heated up.
