Investors Reject Frasers Group Proposal for Boohoo Board Representation

Investors in Boohoo (LON:BOOH) Group Plc have rejected a proposal from billionaire Mike Ashley for board representation amid public disputes. Shares representing approximately 64% of votes dismissed Frasers Group's bid to nominate its founder, Ashley, and restructuring specialist Mike Lennon to Boohoo's board during a meeting on Friday.

Frasers Group owns about 25% of Boohoo, according to available data.

This decision comes after Boohoo's largest shareholder accused the management of allowing poor performance, leading to a decline in the retailer's value. Boohoo's shares have dropped by 20% this year, witnessing a decline of about 4% since Frasers announced its investment last June.

Boohoo, which is listed on Aim and owns brands like Debenhams, Karen Millen, and PrettyLittleThing, announced a strategic review in October, which could possibly lead to the company's breakup. Meanwhile, former CEO John Lyttle has resigned from his position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.