Skip to content 
Search

Latest Stories

Frasers demands Mike Ashley to lead Boohoo as CEO

It adds another chapter to the longstanding rivalry between Ashley and Boohoo’s co-founder and executive chairman Mahmud Kamani.

Frasers demands Mike Ashley to lead Boohoo as CEO

SPORTSWEAR retailer Frasers Group, headed by billionaire Mike Ashley, has demanded a major leadership overhaul at troubled online fashion retailer, Boohoo.

The group, which holds a 27 per cent stake in Boohoo, on Thursday (24) called for an urgent general meeting to vote on appointing Ashley as Boohoo’s new CEO.


This move comes in response to Boohoo’s ongoing difficulties and the recent announcement that its current CEO, John Lyttle, will be stepping down as part of a strategic review, Reuters reported.

The demand for a leadership change at Boohoo adds another chapter to the longstanding rivalry between Ashley and Boohoo’s co-founder and executive chairman, Mahmud Kamani. The two retail magnates previously clashed in their bids for the failed department store chain Debenhams, which Kamani ultimately secured.

Kamani, who still holds a 12.6 per cent stake in Boohoo, founded the business with Carol Kane in 2006 and took it public in 2014.

In a letter dated 23 October, Frasers criticised Boohoo’s current leadership and described the situation as a “leadership crisis.” The letter, made public by Frasers, argues that Boohoo’s board has lost control of the company and that new leadership is necessary to save the business from further decline.

Frasers insisted that Ashley, who stepped down as Frasers’ CEO in 2022, is the right person to steer Boohoo through its challenges.

In addition to Ashley’s appointment, Frasers recommended bringing in restructuring specialist Mike Lennon as a board member, asserting that the two appointments are “the only way to set a new course for Boohoo’s future.”

The group urged shareholders to support the changes, stating that the company’s current management team has overseen "large-scale value destruction."

Boohoo, a Manchester-based company that owns brands like PrettyLittleThing and Nasty Gal, had once thrived during the pandemic, benefiting from a surge in online shopping.

However, it has since faced a rapid decline in performance, with its share value plummeting by nearly 90 per cent from its peak. Supply chain disruptions, growing competition from fast fashion rivals such as Shein and Temu, and a dip in consumer demand have significantly impacted its revenue.

Currently, Boohoo is battling a tough retail environment, marked by higher costs, more frequent product returns, and intense competition from rivals offering cheaper goods.The retailer struggle to keep up with these competitors has led to significant losses in revenue.

Last week, Boohoo announced a strategic review that could see the company split up. As part of this review, the company also agreed to a debt refinancing deal with its lenders, a move that Frasers has opposed.

Frasers demanded that Boohoo’s board consult with major shareholders, including Sports Direct’s parent company, before making any major decisions, such as selling parts of the business.

Boohoo's board, in response to Frasers' demands, stated that it is "in the process of reviewing the content and validity of the requisitions with its advisers" and promised a further announcement in due course. For now,  Lyttle remains in his position as CEO as the company searches for his replacement.

More For You

Aaradhya Bachchan

Abhishek Bachchan says Aishwarya Rai is fully responsible for Aaradhya’s upbringing

Getty Images

Abhishek Bachchan praises Aishwarya Rai for raising Aaradhya without phone or social media

Quick highlights:

  • Abhishek Bachchan credits Aishwarya Rai for taking the lead in daughter Aaradhya’s upbringing.
  • Says Aaradhya, now 13, has no phone and stays away from social media.
  • Calls Aishwarya “selfless” for prioritising parenting over everything else.
  • Slams online gossip surrounding their marriage as baseless and insensitive.

Actor Abhishek Bachchan has dismissed recent speculation around his marriage with Aishwarya Rai Bachchan, instead shining a light on her unwavering dedication as a mother. In a recent chat, he spoke warmly about their 13-year-old daughter Aaradhya, revealing that she neither owns a mobile phone nor uses social media, something he attributes to Aishwarya’s hands-on parenting.

 Aaradhya Bachchan  Aaradhya Bachchan has no access to social media or a personal phoneGetty Images

Keep ReadingShow less
Nintendo Switch 2 demand exceeds

To address the ongoing demand, Nintendo is working to increase production

iStock

Nintendo Switch 2 demand exceeds supply globally, says company president

Key points

  • Nintendo Switch 2 demand outstripping supply in several countries
  • Over 2.2 million applications submitted in Japan’s lottery sales
  • Nintendo held four purchase draws, with a fifth scheduled for early July
  • Company aims to strengthen production and supply to meet demand
  • Switch 2 had the biggest launch in Nintendo history

Strong demand leads to shortages

Nintendo president Shuntaro Furukawa has confirmed that demand for the Nintendo Switch 2 has surpassed available supply in many regions. Speaking during the Q&A session of the company’s 85th annual general meeting of shareholders, Furukawa addressed concerns about ongoing stock shortages.

Keep ReadingShow less
Ranveer Singh

Ranveer Singh in a still from Lootera that captured his most restrained performance

Twelve years of 'Lootera': 5 reasons Ranveer Singh’s most understated role still holds up

Quick highlights:

  • Ranveer’s subtle performance in Lootera marked a major shift from his usual high-energy roles.
  • The 1950s-set romantic drama became a career milestone for the actor.
  • His restrained, emotionally complex portrayal earned long-term critical acclaim.
  • The film showcased a successful collaboration with director Vikramaditya Motwane.
  • As Dhurandhar builds buzz, Lootera reminds us of Ranveer’s range.

Twelve years ago, Ranveer Singh surprised audiences with Lootera, a period romance that asked him to do something unfamiliar: stay still. Set in 1950s Bengal and directed by Vikramaditya Motwane, the film gave Ranveer the space to deliver one of his most subdued and mature performances. No outbursts. No spectacle. Just quiet heartbreak.

  Lootera released in 2013 and marked a stylistic shift for Ranveer Singh Prime Video  

Keep ReadingShow less
Ping Pong restaurant chain shuts all UK branches

The chain had also gained a following for its themed brunches

iStock

Ping Pong restaurant chain shuts all UK branches after 20 years

Key points

  • Chinese dim sum restaurant Ping Pong has closed all its UK locations
  • The chain made the announcement via social media
  • Founded in 2005, the brand thanked customers and staff for their support
  • Loyal diners shared memories and disappointment in the comments

All branches are permanently closed

Chinese restaurant chain Ping Pong has permanently closed all its branches in the UK, the company confirmed in a social media announcement.

Founded in 2005 by restaurateur Kurt Zdesar, the dim sum chain had become popular for its stylish interiors, creative menus, and Asian-inspired cocktails. The company did not provide prior notice of the closure but said the decision marked the end of an “unforgettable” 20-year journey.

Keep ReadingShow less
Court to review teen's sentence in Bhim Kohli case
Bhim Kohli

Court to review teen's sentence in Bhim Kohli case

THE seven-year prison sentence handed to a 15-year-old boy convicted of the manslaughter of 80-year-old Bhim Sen Kohli is to be reviewed under the UK’s Unduly Lenient Sentence (ULS) scheme.

The Attorney General’s Office confirmed on Friday (5) that the teenager’s sentence will now be considered by the Court of Appeal.

Keep ReadingShow less