Boohoo has confirmed that it will go ahead with its rebranding to Debenhams group, despite a special resolution to approve the move not achieving the required support from shareholders.
At its general meeting, 62% of shareholders voted in favour of the name change, missing the minimum 66% required for approval of special resolutions, while 38% voted against the move.
Boohoo group’s largest shareholder Frasers group voted against the resolution, the fast fashion retailer said.
Boohoo’s board said: “The board welcomes the support of the majority of shareholders who voted, and followed the recommendations of the investor advisory services, Institutional Shareholders Services (ISS) and Glass, Lewis & Co.
“It is no surprise to the board that Frasers, a major competitor of the group, has voted against the resolution, and continues to act in its own self-interest. Whilst the resolution was not passed, we continue forward as Debenhams Group.”
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Boohoo CEO Dan Finley said: “Debenhams is back, and we continue to move forward as Debenhams group.
“The successful turnaround of Debenhams is the blueprint for the turnaround of the wider group. Our best days are ahead of us and I am excited for our future.”
Frasers Group CFO Chris Wootton added: “When boohoo stops destroying shareholder value, Frasers Group as its biggest shareholder will be happy to support its proposals.
“We continue to seek constructive engagement with boohoo, including on the issue of a board seat for Mike Lennon, and reiterate that we do not see them as a major competitor to any part of our business.”
Earlier this month, Finley unveiled Boohoo group’s turnaround plan as he sought to shift the entire business to a marketplace model.
The executive has spent the past three years leading the transformation of the retailer’s Debenhams brand into a “very profitable and highly cash generative” marketplace-led business model.
It comes after sales for the group sunk 16% from £1.46bn to £1.22bn in the 52 weeks to February 2025. The etail group expects to pull in an adjusted EBITDA of around £40m for the year.
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