Following Boohoo Group’s annual meeting on 28 March, the company said it welcomed the support of the majority of shareholders who voted, and followed the recommendation to rebrand to Debenhams Group.
The retailer received 62.04% (677,284,764) votes for the company’s name to be changed from Boohoo Group plc to Debenhams Group PLC and 37.96% (414,359,454) voted against the name change. There were 242,263 votes withheld and 1,091,644,218 votes in total.
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The rebrand recommendations were provided by investor advisory services, Institutional Shareholders Services (ISS) and Glass, Lewis & Co., however the company has already rebranded to Debenhams Group following an announcement earlier this month.
Boohoo Group stated: “It is no surprise to the board that Frasers, a major competitor of the group, has voted against the resolution, and continues to act in its own self-interest.
“Whilst the resolution was not passed, we continue forward as Debenhams Group. Concurrent with the new strategy, the company’s stock market TIDM will become “DEBS” from 8:00am on Monday 31 March 2025.”
Debenhams Group (formerly known as Boohoo Group) CEO Dan Finley said: “Debenhams is back, and we continue to move forward as Debenhams Group. The successful turnaround of Debenhams is the blueprint for the turnaround of the wider Group. Our best days are ahead of us and I am excited for our future.”
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By GlobalDataHowever, Frasers Group CFO Chris Wootton told Just Style: “When Boohoo stops destroying shareholder value, Frasers Group as its biggest shareholder will be happy to support its proposals.
“We continue to seek constructive engagement with Boohoo, including on the issue of a board seat for Mike Lennon, and reiterate that we do not see them as a major competitor to any part of our business.”
Frasers Group has been vocal in its demands for corporate restructuring to “unlock and maximise value” ever since.
The dispute intensified after the resignation of Boohoo’s chief executive John Lyttle in October 2024, which saw Frasers Group’s suggestion of its own Mike Lennon taking his place being rejected on the grounds that Frasers Group is a competitor.
In January, Boohoo Group’s shareholders voted down a motion proposed by Frasers Group to oust the online fashion retailer’s co-founder and group executive vice chair Mahmud Kamani.
Frasers Group has also publicly criticised Boohoo for what it describes as “terrible refinancing, lack of transparency, poor results and further supply chain allegations”.
While Boohoo Group (now Debenhams Group) has maintained that it continues to prioritise creating maximum value for all shareholders.
