// Boohoo investors stage revolt over executives’ pay
// A third of the shareholders voted against the online retailer’s remuneration report
Boohoo has reportedly faced backlash from its investors over the salary of its top executives at its annual meeting on Friday.
A third of the shareholders who took part in the ballot voted against the online retailer’s remuneration report,” The Telegraph reported.
It included a £50 million bonus for Boohoo chief executive John Lyttle if the company is worth £6 billion by March 2024.
Boohoo’s valuation is £800 million shy of the £6 billion after shares jumped 38 per cent this year.
The fast fashion retailer raised £200 million last month to fuel its acquisition spree, having bought Oasis and Warehouse on Wednesday.
Last year it added Coast and Karen Millen to its portfolio, which also includes Pretty Little Thing and Nasty Gal.
Lyttle said that Boohoo is growing into something similar like Zara owner Inditex or H&M Group.
“Our ambition is to be a global online player,” he said.
Boohoo reported sales of £367.8 million for the three months to the end of May, an increase of 45 per cent on last year.
It now expects to deliver another year of “strong profitable growth” ahead of market expectations.