Boohoo shareholders reject bid to remove director Mahmud Kamani
Boohoo Group has confirmed that shareholders have "overwhelmingly" voted against Frasers Group's request to remove founder and executive vice chair Mahmud Kamani as a director of the fast fashion firm.
The results of the General Meeting held today, 21 January, revealed that approximately 63.17% of shareholders voted against the resolution previously proposed by Frasers Group.
It also urged Frasers to end its attempts to "destabilise and disrupt" the business, stating: "These continued distractions are not in the best interests of creating value for all shareholders."
Tim Morris, Independent Non-Executive Chair of Boohoo Group, said: "I would like to thank our shareholders for their overwhelming support, which provides the board with a clear mandate to continue with the work of creating maximum value for all shareholders.
"Today's outcome follows the rejection in December of the previous Frasers attempt to destabilise Boohoo. On both occasions, 99% of investors who are not connected to Frasers backed the board's position."
It marks the latest move in an ongoing battle between Frasers and Boohoo, which started when Mike Ashley attempted to get himself installed as CEO. This was cut short when Boohoo appointed Dan Finley in November 2024.
Ashley then tried to get a seat on the board instead, alongside restructuring expert Mike Lennon, which Boohoo also resisted.
Frasers Group claimed in a letter that Boohoo’s opposition to Ashley and Lennon joining the board was because of fears they would "dilute" the influence of its co-founder Mahmud Kamani.
Ashley attacked Kamani for being an "egotistical founder who has an unhealthy grip on the board". He also said Frasers was trying to protect minority shareholders from a potential plan by Boohoo bosses to break the company up as part of a turnaround effort.