Boohoo will trade as Debenhams from next week despite opposition from Mike Ashley.
The fast fashion giant announced a plan to rebrand itself after the department store – which it rescued four years ago in a bid to stem falling sales.
But Ashley’s Frasers Group, Boohoo’s biggest shareholder with a 29 per cent stake, blocked plans to change its corporate name. The firm needed 66 per cent support to do that but only achieved 62 per cent.
The vote triggered another war of words between Pretty Little Thing owner Boohoo and Ashley. Boohoo said Frasers ‘continues to act in its own self-interest’.
What’s in a name?: Boohoo announced a plan to rebrand itself after the department store – which it rescued four years ago in a bid to stem falling sales.
In response, Frasers accused Boohoo of ‘destroying shareholder value’ and said it was still trying to get a board seat for Mike Lennon, an associate of Ashley.
But it will refer to itself as Debenhams from Monday and its shares will also trade under the new name.
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