Online fast-fashion retailer Boohoo is launching a strategic review to determine how it can best maximize shareholder value after a difficult few years, according to multiple sources. The company’s CEO, John Lyttle, will step down after five years at the helm, but will remain in his role until a successor is found.
Boohoo is the parent company of Boohoo, BoohooMAN, PrettyLittleThing, Debenhams and Karen Millen, which collectively struggled in the first half of 2024. For the six months ending August 31, 2024, the company saw a 7% drop in gross merchandise value (GMV) and a 15% decline in revenue.
Under the strategic review, each brand will be analyzed to determine whether a breakup or general corporate restructuring will help reduce costs, according to Reuters. The company also recently secured a £222 million debt refinancing package to support its next phase of growth.
Retail Gazette reported that Umar Kamani, PrettyLittleThing founder and son of Boohoo Co-founder Mahmud Kamani, may throw his hat in the ring to replace Lyttle.
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