Boohoo’s chief executive is stepping down after five years, kick-starting a search for the fast fashion’s next boss. John Lyttle, the former Primark chief operating office joined the fast-fashion group in 2019, and informed the board of his intention to stand down this morning. The board stated that he will will continue to work with the leadership team over the coming months whilst a successor is found, “to ensure a smooth transition”.
Lyttle said, “over the last five years I have been proud to lead the Group and I believe there is huge potential in this business and I will continue to work with the Board to drive value for all shareholders whilst a successor is found.” This comes as the board informed shareholders that it will undertake a review of options for each division. It believes that the group remains “fundamentally undervalued”, following the developments of recent years.
The group said it has “executed on a series of decisive and robust strategic initiatives to drive operational efficiencies and optimise the cost base over the last 18 months”. The board stated that it “strongly believes” there is potential to unlock shareholder value and is exploring options to deliver on this. Separately, the group also announced this morning that it has signed a new £222m debt financing agreement, providing the financing for the next phase of the group’s development.
The facility compromises of a £125m revolving credit facility that runs to October 20.
