Frasers Group has voted to block Boohoo’s attempt to change its holding company name to Debenhams, escalating a long-running feud between the UK retail giants.
The move, led by Mike Ashley’s group, which owns a 27 per cent stake in Boohoo, effectively prevented the resolution from passing at a general meeting on Friday. The motion required at least 66 per cent of shareholder approval but was defeated after 38 per cent of votes were cast against it.
Boohoo, which acquired the Debenhams brand out of administration in 2021, said it would continue to rebrand as Debenhams Group regardless of the result. The company’s ticker symbol will change to DEBS on the London Stock Exchange from Monday, although its listed name will remain Boohoo Group Plc.
Frasers Group’s CFO Chris Wootton defended the decision, saying: “When Boohoo stops destroying shareholder value, Frasers Group as its biggest shareholder will be happy to support its proposals.”
Boohoo hit back, accusing Frasers of acting in its “own self-interest”, and noting that “it was no surprise to the board that Frasers, a major competitor to the group, has voted against the resolution”.
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