Frasers Group’s coup against Boohoo’s board is set to continue despite the fashion retailer’s shareholders rejecting its initial proposals.
The Sports Direct owner said it “respects the views of the independent shareholders” after 63.77% voted against the appointment of Mike Ashley and restructuring expert Mike Lennon as directors to the fashion retailer’s board on Friday (20 December).
In a new statement this morning ( 23 December), Frasers wrote: “We will put forward a highly qualified candidate in due course and fully expect boohoo’s board to uphold their commitment without hesitation or delay.”
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The vote was set to culminate the battle between the Sports Direct owner and Boohoo, which have spent past two months in a public spat.
Frasers publicly criticised Boohoo’s management and called for a leadership overhaul in response to the company’s deepening financial woes.
Following the vote last week, Boohoo Group chair Tim Morris said: “I would like to thank our shareholders for their support of the Board. We remain focused on delivery of our Business Review with the objection of unlocking and maximising value for all shareholders.”
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