Boohoo has vowed to push forward with its plans to rebrand the group to Debenhams, despite Frasers Group thwarting its efforts to pass a resolution on the subject at today’s general meeting.
The fashion brand announced the rebrand to Debenhams Group on March 11, but had called the general meeting of shareholders to vote on the change. While 62% of shareholders voted for the rebrand, 37.96% voted against it — spearheaded by Frasers Group and majority shareholder Mike Ashley.
Despite the setback, Boohoo’s board and group chief executive Dan Finley vowed to push on with the rebranding.
“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,” the board said in a statement.
“While the resolution was not passed, we continue forward as Debenhams Group.”
“Debenhams is back,” chief executive Finley added. “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.”
From Monday, March 31, Boohoo said its trading name on the stock exchange would change to ‘DEBS’.
No comments yet