Boohoo finalises Debenhams rebrand despite Frasers push-back
According to the Debenhams Group board, it came as ‘no surprise’ that, as a major competitor, Frasers voted against the resolution
Boohoo Group has confirmed its rebrand to Debenhams Group at its General Meeting following the initial announcement of the name change earlier this month (11 March), despite strong opposition from Frasers Group.
It comes as 62.04% voted in favour of changing the corporate name from Boohoo Group to Debenhams Group, with 37.96% being opposed.
For reference, Frasers Group owns 413,477,211 ordinary shares in Boohoo and provided the majority of the oppositional push-back.
According to the Debenhams Group board, it came as “no surprise” that, as a major competitor, Frasers voted against the resolution and “continues to act in its own self-interest”.
Whilst the resolution was not passed, the retailer will continue forward as Debenhams Group. Concurrent with the new strategy, the company’s stock market TIDM has become “DEBS” as of this morning (Monday 31 March).
The Debenhams Group board also welcomed the support of the majority of shareholders who voted, and followed the recommendations of the investor advisory services, Institutional Shareholders Services (ISS) and Glass, Lewis and Co.
Chief executive, Dan Finley, said: “Debenhams is back, and we continue to move forward as Debenhams Group. The successful turnaround of Debenhams is the blueprint for the turnaround of the wider group. Our best days are ahead of us and I am excited for our future.”