Boohoo Group faces significant changes with CEO John Lyttle’s departure, a strategic review, and a new debt refinancing deal.
- CEO John Lyttle will step down after five years at Boohoo.
- The company secures a £222 million refinancing deal to aid further development.
- A strategic review aims to maximise shareholder value.
- Anticipated financial improvements in the second half of 2025.
Boohoo Group has announced that CEO John Lyttle will step down after serving five years at the helm. His departure coincides with a period of strategic transformation for the fashion giant. Lyttle’s leadership saw the group expand its offerings beyond its initial focus on young fashion, integrating brands like Debenhams and Karen Millen.
The group recently secured a significant debt refinancing agreement, totalling £222 million. This agreement, involving a £125 million revolving credit line and a £97 million term loan, is designed to support Boohoo’s next phase of development. It is part of a concerted effort to reduce overall interest costs and strengthen the group’s financial stance.
As part of its strategic review, Boohoo aims to explore options that will optimise its corporate structure with the goal of maximising shareholder value. Executive Chairman Mahmud Kamani emphasised the evolution of Boohoo’s business model and the broader market opportunities now within its grasp.
Recently released financial figures for the six months ending 31 August show a challenging period, with gross merchandise value (GMV) falling by 7% to £1.177 billion and revenue dropping 15% to £620 million. Despite a decrease in adjusted EBITDA to £21 million, representing 3.4% of revenue, the group remains optimistic.
Boohoo expects a turnaround in financial performance during the second half of its 2025 financial year. The company anticipates growth in GMV and adjusted EBITDA, bolstered by the performance of Debenhams’ marketplace, which added 5,000 new brands. Kamani reiterated the board’s commitment to taking decisive actions for all stakeholders’ benefit.
Boohoo Group’s strategic manoeuvres underscore its commitment to navigating financial challenges while optimising shareholder value.
