THE boss of Boohoo is stepping down as the online retailer explores a break-up of its fashion brands. John Lyttle joined from Primark five years ago when Boohoo was valued at £3billion and one of the fastest-growing names in retail. He would have bagged a £50million bonus had Boohoo’s valuation doubled, but it has tanked to just £371million.

Over the past five years Boohoo has been rocked by a worker exploitation scandal in Leicester, a sharp slump in growth since Covid restrictions ended, higher costs and rising competition from Chinese rival Shein . Boohoo is exploring options for all its divisions including PrettyLittleThing , Nasty Gal , Karen Millen and Debenhams. The company said it wanted to “maximise shareholder value” which could mean selling off parts of the business.

Read More on Money Analysts at Peel Hunt suggested that Karen Millen is “at least a £300million brand” — almost as much as the entire company. A break-up is likely to attract interest from the retail tycoon Mike Ashley , who has already built up a 26 per cent stake in Boohoo. Mr Ashley lost £180million when Debenhams went bust five years ago and his attempt to buy the department store out of bankruptcy was thwarted by Boohoo.

Industry sources said the tycoon would like to settle the score, but reckoned he would be unlikely to be willing to pay what Boohoo was asking. Most read in Business SHOP SALES UP RETAIL sales rose by 0.3 per cent last month — beating predictions of a 0.

3 per ce.