Fast-fashion giant Boohoo has accused Frasers Group of being on a campaign “which appears designed to destabilise” the fashion retailer in its latest letter to shareholders ahead of the general meeting later this month.
In a letter published today, Boohoo’s board alongside Institutional Shareholder Services (ISS) has urged shareholders once again to vote against the axing of Mahmud Kamani as a director, which is set to be proposed at the general meeting on January 21, 2025.
In a statement published on the London Stock Exchange today, Boohoo said: “Frasers’ demands, including its current attempt to remove Mr Kamani as a director of the company, from part of an ongoing campaign by Frasers which appears designed to destabilise boohoo and disrupt the board’s plans to unlock and maximise shareholder value through the business review that it announced in October.”
The fashion etailer added that Frasers is acting “solely in its own commercial self-interest” and called the bid to remove Kamani as a director of the business a “tactical move”.
Boohoo added that Kamani is an “integral part of the leadership team” and his guidance and insight remains “invaluable” to date.
The statement concluded that in the interests of “all shareholders”, the committee is “unanimously recommending” shareholders to vote against the demands from Frasers Group at the upcoming meeting.
Frasers Group first publicly called for the Boohoo founder and chair Kamani to step down in November last year and the two fashion retailers have since continued on what has become a public war of words.
The news also comes as Boohoo co-founder and executive director Carol Kane upped her stake in the business earlier this week and now owns 1.47% of the company’s issued share capital.
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