Boohoo Group is to press ahead with its rebrand to Debenhams Group, following a General Meeting.
As expected, major shareholder, Frasers Group, voted against the resolution, however, it was in the minority, but it did mean that it didn’t reach the two-thirds threshold for it to pass.
A total 62% of shareholders were in favour, with 38% against. Although it’s worth noting that the “against” votes totalled 414,359,454. Frasers Group hold 413,477,211 shares.
In a statement today, Boohoo’s board said:
“The Board welcomes the support of the majority of shareholders who voted, and followed the recommendations of the investor advisory services, Institutional Shareholders Services (ISS) and Glass, Lewis & Co.
“It is no surprise to the Board that Frasers, a major competitor of the Group, has voted against the resolution, and continues to act in its own self-interest. Whilst the resolution was not passed, we continue forward as Debenhams Group.”
READ MORE – “Debenhams is back!” Boohoo announces rebrand and reveals major turnaround plan
Dan Finley, Chief Executive Officer, added:
“Debenhams is back, and we continue to move forward as Debenhams Group. The successful turnaround of Debenhams is the blueprint for the turnaround of the wider Group. Our best days are ahead of us and I am excited for our future.”
It will start trading as TIDM on the Stock Exchange from 31st March.
