Boohoo Group has slammed the door on Mike Ashley’s bid to be installed as chief executive of the online fashion retailer. Shares in the company climbed more than 3% after it appointed retail veteran Dan Finley, currently boss of Boohoo’s Debenhams brand, as group chief executive with immediate effect. It came just days after Frasers Group, Boohoo’s biggest shareholder with a 27% stake, demanded that its founder, Mr Ashley, be appointed chief executive of Boohoo to address with it termed a “leadership crisis” at the firm.
That followed departure of former Boohoo boss John Lyttle, whose departure two weeks ago was announced as the firm declared it was launching a review of each of its divisions – sparking speculation that it could be broken up. The Boohoo business includes Debenhams, Karen Millen and Young Fashion Brands, the latter of which comprises the PrettyLittleThing, boohoo, and boohooMan brands. Announcing the appointment of Mr Finley, Boohoo talked up the new chief executive’s credentials for the role, stating that his elevation “recognises the phenomenal success that Debenhams has enjoyed and reflects the evolution in the strategic direction of the group”.
Read more: Mr Singh's in Glasgow launches curry at city cash and carry 'Tennent’s had a pretty outstanding six month period' Should Rangers court Scotch whisky chief as investor? Boohoo noted that before joining Debenhams, Mr Finley spent a decade as group multi-channel director at JD Sports, “.