Debenham’s eyes return to Main Street under new owner Boohoo Business

Influential shareholder advisory bodies ISS and Glass Lewis have urged shareholders to vote against the resolution, arguing that it should be held responsible for governance failures following criticism of how a Leicester supplier was treating its workers.

ISS and Glass Lewis have also called on investors to vote against bosses’ wages. A bonus program was put in place in June 2020 which could see the founders and senior management of Boohoo receive £ 150million if the value of the company reaches £ 7.5 billion on a three-year period.

ISS called the rewards “excessive” and said the plan had the potential to generate large payouts. Boohoo’s market cap is £ 4.2 billion.

Mr Lyttle said: “From the conversations we have had with shareholders … it will become evident that there is overwhelming support for Carol to remain on the board.”

Ms. Kane started the retailer with Mahmud Kamani, now executive chairman, in 2006 after acting as a middleman between factories and street brands including New Look and Primark.

Mr Lyttle’s remarks came as Boohoo revealed that sales had climbed by nearly a third in the three months ending in late May amid increased demand for dresses and party wear.

The company saw a 32% increase in revenue to £ 486million, with UK sales increasing 50% during the period and the US registering a 43% increase. However, sales in the rest of Europe fell by 14% and the rest of the world by 15%, held back by tighter Covid restrictions.

In an effort to allay investor concerns over worker standards, Boohoo said it would join Fast Forward, a supply chain initiative. Sir Brian Leveson, who heads an independent review of Boohoo’s supply chain practices, said the company’s due diligence may now go beyond some of its rivals.

Mr Lyttle said all UK suppliers will be transferred over the next 12 months for further review and audit. He has pledged to release a full list of global factories he works with in September.

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This notice was published: 2021-06-15 14:49:50

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