Boohoo Boardroom Battle Escalates with Ashley's Bid

Mike Ashley has accused Boohoo of 'blatant hypocrisy' as he campaigns for a board seat at the struggling fast-fashion retailer, ahead of a crucial shareholder vote on December 20. Ashley, representing Frasers Group which holds a 28% stake in Boohoo, argues that his proposed appointments alongside restructuring expert Mike Lennon are essential for reviving the company amid significant value loss and management challenges. Boohoo's current leadership, led by Mahmud Kamani, has opposed these appointments, citing potential conflicts of interest and receiving backing from proxy advisers like Institutional Shareholder Services and Glass Lewis, who recommend shareholders vote against Ashley's proposal. Both advisory firms have raised concerns about governance issues and the lack of commitments from Frasers to mitigate conflicts. In response, Boohoo has appointed Dan Finley as the new CEO, emphasizing the need to protect the company's independence and align with shareholder interests. The unfolding boardroom battle reflects deep divisions within the company as it seeks to navigate a difficult retail landscape.