Frasers owner Mike Ashley has hit out at fashion retailer Boohoo, calling its decision to snub his demand to be made CEO in favour of promoting from within “desperate”.

Last week, the fast-fashion retailer announced it had appointed Debenhams boss Dan Finley as its new group chief executive – ignoring the demands of its largest shareholder Frasers, which had called for the board to vote on installing Ashley as the new leader.

Over the weekend, Ashley attacked the decision in The Sunday Times, saying: “Independent shareholders be warned, desperate people do desperate things.”

Ashley’s comments will only likely deepen the feud between himself and Boohoo co-founder and executive chair Mahmud Kamani, which was ignited by the latter’s purchasing of Debenhams from under the nose of the former in 2021.

Since Frasers started building its stake in Boohoo in June last year, it has been repeatedly frustrated in its attempts to exert influence on the retailer’s decision making. It had previously suggested Boohoo appointed Ashley as an unpaid adviser and has been pushing to appoint a member to its board.

Finley has said he wants to “collaborate” in his new role with all of the retailer’s shareholders and “unlock value” in their investments.

When asked how he plans to work with Frasers and Ashley, Finley told The Sunday Times: “I don’t know Mike Ashley personally. I know of him. I’m looking forward to engaging and working with all our stakeholders and shareholders.”

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