The CEO of boohoo is to step down from the role in the coming months.
John Lyttle spent nine years as the chief operating officer at Primark before joining boohoo as CEO in 2019. He will continue to work with the leadership team and board of the listed fast fashion giant over the coming months whilst a successor is found.
Meanwhile boohoo has signed a new £222 million debt financing agreement with a consortium of its existing relationship banking group, which it says will drive the next phase of development. The facility compromises a £125m revolving credit facility that runs to October 2026 and a £97m term loan that is repayable by August 2025.
Its board is also undertaking a review of options for each division “to unlock and maximise shareholder value”. These divisions include Debenhams and Karen Millen.
“The board is focused on ensuring it takes the right steps to drive boohoo Group in the interest of all its stakeholders,” said Mahmud Kamani, co-founder and group executive chairman.
“We are delighted to have agreed a new lending facility which shows the support of our existing banks and their confidence in the group. The business has evolved over the last few years and has an offer that is much wider than our original focus on young fashion.
“The time is now right to consider options with regard to corporate structure, with the aim of maximising shareholder value.
“I would like to personally thank John for the contribution he has made to the group. John has built a talented and inspiring leadership team who will ensure we are best positioned for sustainable growth.”
Lyttle added: “Over the last five years I have been proud to lead the group and I believe there is huge potential in this business. I will continue to work with the board to drive value for all shareholders whilst a successor is found.”
In the second half of FY25, boohoo expects to report a higher GMV and stronger adjusted EBITDA performance when compared to H1 25.