Boohoo Accuses Frasers of Self-Interest

Boohoo has publicly accused Frasers Group, which holds a 27% stake in the online fashion retailer, of prioritizing its own commercial interests over those of other shareholders. This accusation comes as Frasers demands a greater role in Boohoo's strategic review and seeks to block asset disposals without shareholder approval. Boohoo's board asserts that Frasers, as a trade competitor with investments in rival retailers like ASOS, cannot act as an independent shareholder. In response to Frasers’ criticism and demands, Boohoo emphasized its commitment to transparency and governance controls while offering to discuss board representation under certain conditions. Frasers has expressed concerns over Boohoo’s management and recent debt refinancing, claiming they are unsatisfactory. The ongoing dispute highlights the tension between Boohoo's strategic direction and Frasers' influence as a significant shareholder.