Mike Ashley's Frasers tells Boohoo to axe Mahmud Kamani and give tycoon top job
by Henry Saker-Clark PA Deputy Business Editor · ChronicleLiveMike Ashley's Frasers Group has called on shareholders of online fashion giant Boohoo to oust co-founder Mahmud Kamani and is pushing for the Sports Direct mogul to take up a leadership position.
As Boohoo's largest investor, Frasers declared that Mr. Kamani "must go" following the steep drop in the retailer's share value over the past trio of years.
Once executive chairman, Mr. Kamani has transitioned to the role of executive vice-chairman, while Tim Morris, who joined the board in 2021, has assumed the chairmanship.
However, this shift does not sway Frasers' position, as they argue Mr. Kamani's influence remains unchanged.
A spokeswoman for Frasers insisted: "His title might have changed but his grip on the company has not."
"Recent events, in particular the interim results, lack of transparency and further supply chain allegations, should leave shareholders in no doubt – Mr Kamani must go."
The call to action extends to Frasers proposing Mike Ashley as the new CEO of Boohoo alongside Mike Lennon stepping in as a director. Earlier this month, Boohoo overlooked Mr. Ashley's ambitions to lead as CEO by bringing in Dan Finley as successor to John Lyttle.
This development follows Boohoo's strategy to counteract its recent downturn in sales by securing new funds amounting to £39.3 million.
The retailer, along with competitor Asos, which also has Frasers as a shareholder, has experienced a recent decline in sales due to pressure from Asia-based rivals Shein and Temu.
Join our WhatsApp communities
ChronicleLive is now on WhatsApp and we want you to join our communities.
We have a number of communities to join, so you can choose which one you want to be part of and we'll send you the latest news direct to your phone. You could even join them all!
To join you need to have WhatsApp on your device. All you need to do is choose which community you want to join, click on the link and press 'join community'.
No one will be able to see who is signed up and no one can send messages except the ChronicleLive team.
We also treat our community members to special offers, promotions, and adverts from us and our partners.
If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'.
If you’re curious, you can read our privacy notice.
Join the ChronicleLive Breaking News and Top Stories community
Join our Court & Crime community
Join the Things to do in Newcastle and the North East community
Join our Northumberland community
Join our County Durham community
Join our Great North Run community