Skip to content
Search

Latest Stories

Dan Finley named Boohoo CEO amid power struggle

Finley, previously the CEO of Debenhams since 2022, has taken over immediately from John Lyttle

Dan Finley named Boohoo CEO amid power struggle

ONLINE fashion retailer Boohoo has appointed Dan Finley as its new chief executive amid an ongoing struggle for control with rival retail magnate Mike Ashley.

Finley, previously the CEO of Debenhams since 2022, has taken over immediately from John Lyttle, who led the fast-fashion company since 2019, the Telegraph reported.


During Lyttle’s tenure, Boohoo faced a sharp 90 per cent drop in share value, driven by supply chain scrutiny and stiff competition from the Chinese retailer Shein.

Finley’s appointment comes as Boohoo undergoes significant changes. A review of its portfolio, including brands like Debenhams, Karen Millen, and PrettyLittleThing, is underway, and a potential brand selloff has been hinted.

Dan Finley

The company has also been managing financial strains, recently securing a £222 million refinancing to bolster its operations.

Ashley, the billionaire behind Sports Direct and Frasers Group, has taken advantage of the current instability, trying to increase his influence at Boohoo.

Holding a 27 per cent stake, Ashley has openly criticised Boohoo’s leadership, accusing co-founder and executive chairman Mahmud Kamani and other board members of “incompetence” and “destroying value.”

He has called for his own appointment as CEO, a move Boohoo’s board is actively resisting.

In response to Ashley’s criticisms, Boohoo defended its leadership, calling his claims “inaccurate and unfair.” The company also advised shareholders to wait for further updates regarding Ashley’s attempted takeover, urging them to hold off on any actions.

Despite Ashley’s pressure, Boohoo’s board said that appointing a new CEO needed careful planning and adherence to proper governance.

Finley’s success at Debenhams, which Boohoo acquired out of administration in 2021, was a key factor in his selection.

His achievements there included transforming the once-troubled department store into a more sustainable, high-growth online marketplace, according to reports.

Alistair McGeorge, Boohoo’s deputy chairman, expressed confidence in Finley’s capabilities, highlighting his strong leadership in digital retail. Before Debenhams, Finley spent a decade at JD Sports, helping it become a FTSE 100 company, further establishing his credentials in the retail sector.

Finley shared his excitement for the future of Boohoo. He said, “I am excited at the opportunities I see ahead. We have brilliant brands and people, underpinned by best-in-class infrastructure. Under my leadership, we have had great success with Debenhams and I look forward to exploring opportunities to extend this business model across the group.

“I will dedicate myself totally to working with my colleagues to unlock significant value for all shareholders.”

Boohoo, which began as a fast-fashion brand targeting young, budget-conscious buyers, has seen significant growth in the past.

It was co-founded by Kamani in 2006 and listed on the London stock exchange in 2014. However, its fortunes have waned since peaking in 2020.

More For You

Keir-Starmer-Getty

Keir Starmer’s communications chief has resigned after nine months in Downing Street. (Photo: Getty Images)

Getty Images

Starmer’s communications chief Matthew Doyle resigns after nine months

KEIR STARMER’s communications chief, Matthew Doyle, has resigned after nine months in Downing Street. Doyle, a Labour veteran who previously worked for Tony Blair, joined Starmer’s team as communications director four years ago when the party was in opposition.

His departure follows that of Sue Gray, Starmer’s former chief of staff, who left in the autumn. Doyle’s exit is expected to lead to the promotions of James Lyons to director of communications (strategy) and Steph Driver to director of communications (delivery), according to the BBC.

Keep ReadingShow less
Leicester leaders push for major expansion amid local government shake-up

Leicester’s population is expected to grow from 372,000 now to just over 600,000 by 2028

Leicester leaders push for major expansion amid local government shake-up

Hannah Richardson

LEICESTER leaders have named the areas they want to be incorporated into the city amid a shake-up of local government structures. The massive expansion plan would see a number of towns and villages at the city’s edges brought inside Leicester’s boundary.

Leicester City Council is looking to take part of Blaby and Harborough districts, and part of Oadby and Wigston and Charnwood boroughs. Among the communities being eyed up are Glenfield, Oadby, Wigston, Blaby, Whetstone, Syston, Anstey, Leicester Forest East, Birstall, Kirby Muxloe, Thurmaston and Countesthorpe.

Keep ReadingShow less
Lakshmi-Mittal-Getty

Mittal, who built his steel business over five decades, moved to the UK in 1995. (Photo: Getty Images)

Getty Images

Lakshmi Mittal may leave UK after non-dom tax abolition: report

STEEL tycoon Lakshmi Mittal is considering leaving the UK following the government’s decision to abolish the non-domiciled tax status. The move would make him one of the most prominent entrepreneurs to leave due to the tax reform.

Mittal, who has lived in the UK for three decades, has informed associates that his departure is likely due to Labour’s decision to end the non-dom regime, which allowed certain residents to avoid paying UK tax on foreign income.

Keep ReadingShow less
Benji Madden Says He Has a "Healthy Fear" of Cameron Diaz

The couple continues to celebrate milestones in their marriage

Getty

Cameron Diaz's husband Benji Madden: "I have a healthy fear of her"

Joel Madden, who is married to fashion designer and reality TV star Nicole Richie, also shared insights into his relationship on the podcast. The couple has been married since 2010 and are parents to two children: daughter Harlow, 17, and son Sparrow, 15. Joel spoke candidly about the way his wife "runs the show" in their household, while also stressing that they are equal partners.

“I don't know if I ever thought someone could keep me,” Joel admitted. “I don't know how I felt about it. I was a relationship guy, but then I met Nicole, and she absolutely runs the show, but we are partners.”

Keep ReadingShow less
Sofia Carson’s ‘The Life List’ Has Viewers Rethinking Their Relationships

Sofia Carson in The Life List – The Netflix rom-com that’s making viewers rethink their relationships

Instagram/netflixfilm

Sofia Carson’s new Netflix rom-com 'The Life List' is making viewers dump their partners

Sofia Carson’s latest romantic comedy, The Life List, is doing more than just entertaining audiences. In fact, it’s making them question their love lives. The Netflix film, set to release this Friday, has reportedly led several test viewers to break up with their partners after watching it.

Directed by Adam Brooks and based on Lori Nelson Spielman’s novel, the story follows Alex Rose, played by Carson, a woman at a turning point in her life. When her mother, portrayed by Connie Britton, passes away, Alex discovers an unusual condition in her will. To claim her inheritance, she must first complete the childhood bucket list she wrote at 13. The list includes challenges like performing stand-up comedy and diving into a mosh pit, but one task proves far more difficult: finding true love!

Keep ReadingShow less