boohoo group plc Appointment of new boohoo Group CEO

RNS Number : 5138K

boohoo group plc

01 November 2024

 

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1 November 2024

boohoo group plc

("boohoo", the "Group" or the "Company")

Appointment of new boohoo Group Chief Executive Officer

 

The Board is pleased to announce the appointment of Dan Finley as the Group's Chief Executive Officer (CEO). Dan, formerly of JD Sports and currently CEO of Debenhams, boohoo Group's fast-growing digital department store, will take up the role with immediate effect.

This announcement follows the update on 25 October, in which the Board reported substantial progress on the appointment of a new group CEO to succeed John Lyttle. The Board continually considers long-term succession planning for key executive roles. Dan's appointment as CEO recognises the phenomenal success that Debenhams has enjoyed and reflects the evolution in strategic direction of the Group.

Dan, aged 41, has deep expertise in driving the growth of online businesses. Before joining Debenhams, Dan spent a decade as Group Multi Channel Director at JD Sports, where he delivered unprecedented digital growth as JD Sports became a global multi-channel leader and entered the FTSE 100.

Dan joined boohoo Group as CEO of Debenhams in January 2022, following the acquisition of the brand out of administration for £55m. Under his leadership, the business has been transformed into Britain's leading online department store with a GMV annual run rate of c.£800M, through a capital-light, cash generative and highly profitable marketplace model. Debenhams has significant brand awareness in the UK, based on its 246-year heritage. The business has been successfully repositioned, creating a community of c.10,000 brands across fashion, home and beauty, all attracted to the site by Debenhams' millions of active customers.  

Alistair McGeorge, boohoo Group Deputy Chairman, said:

"The Board of boohoo was unanimous in its decision to appoint Dan Finley as CEO. Dan is one of the outstanding leaders in a new generation of digital retailers. Dan and his team have successfully transformed Debenhams from a failed department store, creating a new business model that is a capital-light, stock-light, high-growth  marketplace. Before Debenhams, Dan had a track record of phenomenal success in online retail during his 10 years at JD Sports. The Board looks forward to working with him, as we continue the review of options to unlock and maximise shareholder value."

Dan Finley, boohoo Group CEO, said:

"I am excited at the opportunities I see ahead as I become CEO of boohoo Group. We have brilliant brands and people, underpinned by best-in-class infrastructure. Under my leadership we have had great success with Debenhams and I look forward to exploring opportunities to extend this business model across the Group. I will dedicate myself totally to working with my colleagues to unlock significant value for all shareholders."

John Lyttle will remain available to Dan and the Group to ensure continuity through the change of leadership and a smooth transition. Dan will be appointed to the Board in due course.

Further to the announcement of 25 October 2025, in response to Frasers Group, the Board will be writing to shareholders in relation to their proposals in due course. Until then, shareholders are strongly advised to take no action in respect of the proposals.

 

Enquiries
boohoo Group plc
Stephen Morana, Chief Financial Officer	Tel: [phone]
Mike Cooper, Head of Investor Relations	Tel: [phone]
Zeus - Joint Financial Adviser, Nominated Adviser and Joint Broker
Nick Cowles / Dan Bate / James Edis	Tel: [phone]
Benjamin Robertson	Tel: [phone]
HSBC - Joint Financial Adviser and Joint Broker
Anthony Parsons / Alex Thomas / Chloe Ponsonby / James Hopton	Tel: [phone]
Headland - Financial PR Adviser
Susanna Voyle / Will Smith	Tel: [phone]

 

 

About boohoo Group plc

 

"Leading the fashion eCommerce market"

 

Founded in Manchester in 2006, boohoo group is a fashion forward, inclusive and innovative business. The Group's brands are complementary, vibrant and scalable, delivering inspirational, on-trend fashion to our customers 24/7. The diversity of our brands, including the group's 5 core brands, boohoo, boohooMAN, PrettyLittleThing, Karen Millen and Debenhams, enable us to serve a broad customer base, globally, with a primary focus on the UK and US markets. Since its acquisition in 2021, Debenhams has been transformed from a retailer into a digital marketplace with a capital-light, low-risk operating model and a focus on fashion, beauty as well as home. Boohoo group is concentrated on driving sustainable, profitable growth with technology and automation increasing efficiency across the business.

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