Boohoo Group group CEO John Lyttle is set to step down from the fashion giant after five years.
The news comes as it secures a £222m debt refinancing agreement to support its “next phase of development” and explores its options to “unlock and maxmise shareholder value”. The group owns Debenhams and Karen Millen alongside its young fashion division of Boohoo, BoohooMan and PrettyLittleThing.
Group executive chairman Mahmud Kamani said: “The business has evolved over last few years and has an offer that is much wider than our original focus on young fashion. The time is now right to consider options with regard to corporate structure, with the aim of maximising shareholder value.”
The new debt facility includes a £125m revolving credit line, set to mature in October 2026, and a £97m term loan due by August 2025. This financing, arranged with Boohoo’s existing banking partners, aims to reduce overall interest costs, enhancing the group’s financial position.
In a trading update for the six months ending 31 August, Boohoo posted gross merchandise value (GMV) of £1.177bn, down 7% on the previous year. Revenue also fell 15% to £620m while adjusted EBITDA dropped to £21m, representing 3.4% of revenue.
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Boohoo said it anticipates improved performance in the second half of its 2025 financial year, driven by expected growth in GMV and adjusted EBITDA.
“Whilst performance in the youth brands has remained impacted by the external environment, the group continues to see considerable GMV growth for Debenhams external marketplace, with an additional 5,000 brands signed within the period”, it added.
Kamani said: “The board is focused on ensuring it takes the right steps to drive Boohoo Group in the interest of all its stakeholders. We are delighted to have agreed a new lending facility which shows the support of our existing banks and their confidence in the group.
“I would like to personally thank John for the contribution he has made to the group. John has built a talented and inspiring leadership team who will ensure we are best positioned for sustainable growth.”
Lyttle added: “I believe there is huge potential in this business and I will continue to work with the board to drive value for all shareholders whilst a successor is found.”
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