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Reuters Published December 20, 2024 Download
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Frasers founder Mike Ashley fails to win seat on Boohoo board

By
Reuters Published
December 20, 2024

British retail tycoon Mike Ashley failed on Friday in his attempt to be appointed to the board of Boohoo after shareholders in the struggling online fast-fashion group voted against the move.

Boohoo said 64% of votes cast at its investor meeting opposed the election of Ashley, the founder and majority shareholder of rival Frasers, to the board. Frasers is Boohoo's biggest shareholder with 28%.

With Boohoo's share price down by 90% in five years, Ashley had accused its board of "gross mismanagement". He said he could bring "fresh ideas" and wants to avoid a fire sale of assets, including Boohoo's Debenhams business. He also wants to explore options for more cost-effective and sustainable financing.