BOOHOO DEFIES FRASERS OPPOSITION, FORGES AHEAD WITH DEBENHAMS REBRAND
Despite Frasers Group’s opposition, Boohoo Group is pushing forward with its rebrand to Debenhams Group. The decision comes after a shareholder meeting, where the proposal to change the holding company name failed to secure the required two-thirds majority.
Frasers Group, led by Mike Ashley, holds a significant 29% stake in Boohoo and accounted for approximately 38% of the votes cast. However, Boohoo has stated that it will proceed with the rebrand, emphasizing that the business will be known as Debenhams Group for all practical purposes.
The rebrand is part of Boohoo’s efforts to drive change, including the relaunch of its PrettyLittleThing business and the integration of acquired brands such as Oasis, Warehouse, and Coast. Debenhams, which Boohoo acquired out of administration, has become the fastest-growing part of the business.
The move is seen as a significant development in the ongoing battle between Boohoo and Frasers Group. Mike Ashley’s efforts to gain control of Debenhams have been thwarted in the past, and his opposition to the rebrand is viewed as a continuation of this rivalry.
Boohoo has confirmed that its ticker symbol will change from BOO to DEBS, reflecting the rebrand. The company has stated that it will continue to operate as Debenhams Group, despite Frasers’ opposition.
The development is expected to have significant implications for the retail industry, as Boohoo continues to expand its presence through strategic acquisitions and rebranding efforts.
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