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Boohoo rejects criticism from Frasers Group as ‘inaccurate and unfair’
Frasers Group, which owns 27% of Boohoo, is attempting to install its founder Mike Ashley as chief executive of the online retailer
On Thursday, Sports Direct owner Frasers, which owns 27% of Boohoo, wrote a letter to the online fashion company’s board calling for an emergency meeting of shareholders to vote to install Ashley as its chief to replace current boss John Lyttle. Frasers’ letter was highly critical of the Boohoo board, claiming it had “lost its ability to manage the company’s business and investments”, while describing its debt refinancing strategy as “wholly unsatisfactory”, saying it would result in an “appalling outcome for shareholders”. In its response on Friday, Boohoo, which also owns the Debenhams and PrettyLittleThing brands, said Frasers’ characterisation of its debt refinancing was inaccurate and unfair and argued that the deal would provide certainty around its future.
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