The war of words between Boohoo and Mike Ashley’s Frasers Group intensified last night.
In the latest salvo, Boohoo lashed out at its majority shareholder, controlled by the Sports Direct tycoon, accusing Frasers of promoting “commercial self-interest” at the expense of fellow investors.
Ashley has tried to install herself as CEO of the fast fashion giant. But in a snap, Boohoo this week appointed an insider, Dan Finley.
Dispute: Boohoo accused Frasers of promoting ‘commercial self-interest’ at the expense of fellow investors
In an open letter last night, Boohoo said it would only offer Frasers a board seat for a ‘suitable’ non-executive director.
It also said it was awaiting private information “relating to Ashley’s interests and role in rival companies”, such as a large stake in rival Asos.
Boohoo has paved the way for the breakup of the company, putting into question the future of its Karen Millen and Debenhams brands, which could be spun off or sold to boost its falling share price.
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