Boohoo CEO steps down and begins strategic review of company [Fortune]
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Source: Fortune
The British fast-fashion company said it believes Boohoo, which also owns the Debenhams, Karen Millen and PrettyLittleThing brands, is “fundamentally undervalued” and there is potential to “unlock value” for shareholders. The review comes as Boohoo reported that first-half revenue had plunged to £620 million ($809.8 million) from £729 million at the same time last year. Boohoo said it's also signed a new £222 million debt facility to give it the “appropriate financing” for the next phase of its development. Boohoo has had to weather a difficult five years since Lyttle joined from Primark, its much bigger rival. Before the pandemic it was hit by a damaging minimum-wage and safety scandal at supplier factories in Leicester, England. An independent review found that Boohoo had prioritized profit and growth and ignored “red flags” about labor violations, but cleared the company of any direct involvement. Under Lyttle, Boohoo also had to contend with the Covid pandemic, which initia
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