Boohoo and Frasers Group Clash Over Leadership

Boohoo has rebuffed Frasers Group's demands to appoint its founder, Mike Ashley, as the new CEO, labeling the criticisms as 'inaccurate and unfair'. Frasers, which holds a 27% stake in Boohoo, accused the company of mismanagement and failing to address a leadership crisis, particularly after Boohoo's share price plummeted nearly 30% this year. In response, Boohoo emphasized its ongoing discussions about debt refinancing and expressed concerns over potential conflicts of interest, given Frasers' significant stake in rival ASOS. Boohoo's current CEO, John Lyttle, announced his resignation last week, but the company stated it would not rush any decisions regarding his successor. The fashion retailer indicated that appropriate governance measures would be required before considering any board appointments. The situation is further complicated by Frasers' prior rejection of Ashley for the role just ten days before their recent proposal.