Boohoo CEO John Lyttle to Step Down

Boohoo's CEO, John Lyttle, has announced his departure after five years as the company faces declining sales and intensifying competition. The decision comes amid a significant 7% drop in gross merchandise value and a 22% fall in shares this year. Boohoo has secured a £222 million debt refinancing to support its operational initiatives and has initiated a strategic review of its divisions to enhance shareholder value. Lyttle expressed pride in his leadership and will assist in the transition until a successor is found. The company aims to improve its financial performance in the second half of FY25, driven by anticipated growth in gross merchandise value. This shift occurs as Boohoo confronts challenges from rivals, particularly Shein, which has surged in revenues in the UK market.