Boohoo to adopt Debenhams name, despite failing to achieve required votes

Boohoo nemesis, Frasers Group, has rejected the Manchster-based online retailer’s bid to rebrand as Debenhams.

Frasers used its 29% stake in the business to deny Boohoo the two thirds majority it needed to seal the move.

The group’s controlling Kamani family announced it would rebrand to Debenhams on March 11, leading to this morning’s General Meeting in Manchester.

However, the vote saw only 62.04% of votes go Boohoo’s way – short of the 66% required.

But the group said it will continue to operate under the new name.

Boohoo bought the former high street retailer out of administration in 2021 for £55m and has since run it as an online brand.

Boohoo has been the focus of fierce criticism in recent years over sweatshop scandals and a tumbling share price and many perceived the move as a bid to ditch a tainted name and move on under a different banner.

Frasers Group, owned by Sports Direct founder Mike Ashley, has twice tried to oust Boohoo executives and install new leadership, but has been thwarted through General Meetings.

But Ashley could, at least today, claim a pyrrhic victory.

Following this morning’s meeting in Manchester, Boohoo said it welcomed 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.

In a statement to the stock market, it added: “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.

“Whilst the resolution was not passed, we continue forward as Debenhams Group. Concurrent with the new strategy, the company’s stock market TIDM will become ‘DEBS’ from 8am on Monday 31 March 2025.”

Dan Finley, Boohoo chief executive, 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.”