Boohoo moves ahead with Debenhams rebrand despite Frasers Group opposition

Boohoo has confirmed its rebranding to Debenhams Group, despite failing to achieve the required support from shareholders, with Frasers Group rejecting the proposal.

While 62% of shareholders voted in favour of the name change during the general meeting today, 38% voted against the rebrand, led by Frasers Group and majority shareholder Mike Ashley.

In a statement, Boohoo Group 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 Group, a major competitor of the company, 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."

Boohoo first announced its transition to Debenhams Group earlier this month as the company hailed the turnaround of the department store brand it bought out of administration three years ago.

Now a "majority contributor to group profitability", Boohoo said it would use the overhaul as a "blueprint for the wider turnaround of the group".

Group Chief Executive Dan Finley - who was promoted to the top job in November 2024, having previously led the Debenhams brand - 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."

It comes after Finley admitted that he had "inherited significant challenges" since taking the helm, with Boohoo having struggled amid sliding sales and a high-profile spat with Frasers Group, which had attempted a boardroom coup.

In a recent trading update, the group said sales fell to £1.2 billion in the 12 months to February, down from £1.5 billion the previous year despite a strong performance at Debenhams.

Revenues at Debenhams jumped to £204.6 million from £186 million the previous year.