Boohoo shareholders reject Frasers bid to remove co-founder

(Sharecast News) - Boohoo shareholders rejected an attempt by Frasers Group to remove co-founder Mahmud Kamani from the company's board on Tuesday.

At a general meeting, 63% of the votes cast opposed the motion put forward by Frasers, which owns a 27% stake in the online fashion retailer.

It was the latest failed effort by Mike Ashley's Frasers Group to influence Boohoo's leadership.

Weeks earlier, shareholders had similarly voted against appointing Ashley and restructuring specialist Mike Lennon to the board, with 63.7% of votes rejecting those proposals.

According to the Standard, Boohoo's chief executive Dan Finley expressed his satisfaction with the outcome, stating that the company aimed to move beyond the distractions and focus on enhancing value for all shareholders.

The retailer had accused Frasers of attempting to destabilise the business for its own commercial interests, and had called for an end to such efforts following the latest vote.

Boohoo was undergoing a significant turnaround strategy under Finley, who assumed the role last November.

The firm raised �39.3m in funding last year to support efforts to reverse declining sales, which had been affected by competition from cut-price Chinese rivals including Shein and Temu.

Frasers, however, had criticised Boohoo's recent performance, labelling its results as "dismal" and advocating for Ashley to take over as chief executive.

At 1421 GMT, shares in Boohoo Group were up 1.95% at 30.36p.

Reporting by Josh White for Sharecast.com.