British online fashion retailer Boohoo said its CEO would step down as the group announced a review of its strategic options to try to improve performance after sales slumped. The company, whose brands include boohoo, PrettyLittleThing, Debenhams and Karen Millen, said on Friday that John Lyttle had informed the board of his intention to stand down but would stay on whilst a successor is found. The company, like UK peer ASOS, was a winner during the pandemic, which drove a boom in online shopping.
It has struggled since, hurt by supply chain problems, higher product returns, competition from rivals such as Shein and subdued consumer demand. Boohoo shares are down 22% so far this year. Boohoo also reported a 7% fall in first half sales by gross merchandise value (GMV) and said it has agreed a new 222 million pounds ($290 million) debt facility.
"The board strongly believes there is potential to unlock shareholder value and is exploring options to deliver on this," it said..