boohoo is set to press ahead with its rebrand to Debenhams Group despite losing a shareholder vote on the name of its holding company.
The online fast fashion giant reported to the London Stock Exchange that the resolution to change boohoo group plc to Debenhams Group PLC, which required two-thirds of the vote to pass, secured slightly over 62% in today’s vote.
While it will now not change the name of the holding company, it will be known in all others areas as Debenhams Group going forward.
“It is no surprise to the board that Frasers, a major competitor of the group, has voted against the resolution, and continues to act in its own self-interest,” it said in its notice to the London Stock Exchange.
“Whilst the resolution was not passed, we continue forward as Debenhams Group.”
In a shock notice to the London Stock Exchange earlier this month labelled ‘Debenhams is back’, boohoo trumpeted the turnaround it has overseen at the high street giant since it acquired its brand and website out of administration in 2021.
It said the marketplace model strategy led by CEO Dan Finley – a repositioning as ‘Britain’s online department store’, with around 15,000 brands across fashion, beauty and home – is now a majority contributor to group profitability and provides a blueprint for a turnaround of the wider group.
Today boohoo said the company’s stock market code will become ‘DEBS’ from 8am on Monday 31st March 2025.
Those voting in favour hold 677,284,764 shares in boohoo, while those voting against hold 414,359,454.
Frasers Group plc, at the centre of a long-running battle with the board over the running of boohoo, owns 413,477,211 shares. Those abstaining hold 242,263 shares.
In January 2025 Frasers, parent company of Sports Direct, failed in its attempt to have boohoo co-founder Mahmud Kamani removed as a director after months of tit-for-tat exchanges.
The long-running feud between Ashley and Kamani has seen both Frasers and boohoo publish websites dedicated to slamming the other – boohoodeservesbetter and boohoo for all – as well as several hostile open letters.
“The board welcomes the support of the majority of shareholders who voted, and followed the recommendations of the investor advisory services, Institutional Shareholders Services (ISS) and Glass, Lewis & Co,” boohoo added in today’s notice.
CEO Dan Finley said: “Debenhams is back, and we continue to move forward as Debenhams Group.
“The successful turnaround of Debenhams is the blueprint for the turnaround of the wider group.
“Our best days are ahead of us and I am excited for our future.”
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