Marking a setback for its top investor Frasers, which had pushed for its controlling shareholderto assume the position, British online fashion retailer Boohoo has appointed Dan Finley as its new CEO. Currently leading Boohoo’s digital department store unit, Debenhams, Finley will replace John Lyttle.
Under Finley’s leadership, Debenhams achieved an annual gross merchandise value (GMV) run rate of about £800 million ($1.03 billion) due to a capital-light and cash-generative model.
Analysts at Jefferies noted,this GMV exceeded their earlier estimate of around £400 million. In response to Frasers’ recent proposals, Boohoo expressed willingness to discuss board representation but emphasised the need for ‘appropriate governance’ to safeguard its commercial interests, highlighting Frasers’ existing 23.6 percent stake in ASOS, a direct competitor.
Having made significant investments in UK brands including Mulberry and AO World, Frasers had also invested £150 million in Debenhams before its 2021 collapse, after which Boohoo acquired the brand out of administration.
