The war of words between Boohoo and Mike Ashley’s Frasers Group intensified last night.
In the latest salvo, Boohoo took a swipe at its majority shareholder, controlled by the Sports Direct tycoon, accusing Frasers of promoting ‘commercial self-interest’ at the expense of fellow investors.
Ashley has tried to install himself as chief executive of the fast fashion giant. But in a snub, Boohoo appointed an insider, Dan Finley, this week.
Dispute: Boohoo accused Frasers of promoting ‘commercial self-interest’ at the expense of fellow investors
In an open letter last night, Boohoo said it would only offer Frasers a board seat for an ‘appropriate’ non-executive director.
It also said it was waiting for private information ‘in relation to Ashley’s interests and role in competing businesses’ such as a large stake in rival Asos.
Boohoo has paved the way for a break-up of the firm, putting in question the future of its Karen Millen and Debenhams brands, which could be spun off or sold in to boost the flagging share price.
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