Frasers Group PLC called on Thursday for retail tycoon Mike Ashley, its founder and majority shareholder, to take over as chief executive of Boohoo Group after the fast-fashion retailer said on Oct. 18 that John Lyttle would step down after five years in the role.
White & Case is acting as legal adviser to Frasers Group, led by London partners Philip Broke and Tom Matthews.
Frasers Group holds 27% of the shares in Boohoo. It said in an open letter published Thursday that "the board has lost its ability to manage Boohoo's business."
The group, which owns retailers including Sports Direct and House of Frasers, said that Boohoo's revenue has fallen 36.5% since 2021. Boohoo's share price has also fallen during this period, diving over 29% in the past 12 months, Frasers added.
Frasers said in its letter that "appointing Mr. Ashley as a director and CEO of Boohoo is the best solution to Boohoo's leadership crisis." The retail group called for Boohoo to hold a general meeting to allow shareholders to appoint a new board.
The full article can be found here (paywall).
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