‘We need to get back to our very best’: Boohoo boss vows to make 2025 a ‘year to remember’
The chief executive of fast-fashion giant Boohoo has said the group “needs to get back to our very best” as he vowed to make 2025 “a year to remember”.
Daniel Finley was speaking a day after shareholders voted to keep co-founder Mahmud Kamani on its board in another blow to Mike Ashley’s Frasers Group.
But even as the Manchester-headquartered group has seen off the latest attempt by the owner of Sports Direct to change its leadership, newly-appointed Finley has many more issues in his in-tray to deal with to live up to his promises.
Not least among those is the impending float on the London Stock Exchange of rival Shein.
The scale of the challenge that the fast-fashion label presents to Boohoo was outlined in October when it was revealed that Shein’s sales had surpassed those of the entire Boohoo group for the first time.
Boohoo’s revenue fell by 17 per cent to £1.4bn in its latest financial year while the group’s pre-tax loss widened from £90.7m to £159.9m.
It’s not just the Boohoo brand itself which has been struggling financially but also its brands including Prettylittlething, Nastygal, Warehouse, Karen Millen and Misspap.
However, a rare success story for the group is the brand which Finley ran before being handed the top job towards the end of last year, Debenhams.
Morning Wire reported in December that Debenhams had returned to the black for the first time since it was rescued out of administration by Boohoo in 2021.
Finley will also be seeking to bring some stability to Boohoo’s share price which in the last 12 months has been as high as 38.9p and as low as 27.3p.
Where Boohoo’s shares are currently trading, at around the 30p mark, is well below where they were at the height of the pandemic when they were commanding a price of more than 400p.
Boohoo chief: ‘Our focus is on what matters most’
Writing on LinkedIn, Finley said: “I feel ready to embrace the incredible opportunities that lie ahead.
“There’s something (yes, maybe cliché) invigorating about stepping into a new year.
“For me, it’s about channelling that fresh energy into bold plans and meaningful action.
“This year, I’m leading the charge on change and improvement across Boohoo Group PLC.
“The mission is clear: we need to get back to our very best. As global leaders, we must deliver the strongest propositions to our consumers in the most engaging, innovative, and efficient ways possible.”
On the result of the general meeting this week, the CEO added: “Once again, our shareholders have spoken. They overwhelmingly voted against the resolution to disrupt our business.
“This provides our board with a clear mandate to continue the work of creating and maximising value for all shareholders.
“As we step forward into this new year, we must now put this disruption and distraction behind us. Our focus is on what matters most – getting back to our best.
“I’m excited about what’s to come. We’ll make 2025 a year to remember – fuelled by our bold ambition and big energy.”