Boohoo appoints Dan Finley as chief executive

British online fast-fashion giant Boohoo has named Dan Finley as the group’s chief executive officer, defying major shareholder Frasers Group to install its owner Mike Ashley at the helm.

In a statement, Boohoo said Finley, formerly of JD Sports and currently CEO of Debenhams, will take up his new role with immediate effect, succeeding John Lyttle, who resigned in October after five years with the business.

Boohoo’s board said that Finley’s appointment recognises the “phenomenal success” that Debenhams has enjoyed and “reflects the evolution in strategic direction of the group”.

Finley, who spent a decade as group multi-channel director at JD Sports has deep expertise in driving the growth of online businesses and joined Boohoo Group as CEO of Debenhams in January 2022, following the acquisition of the brand out of administration for 55 million pounds.

Under his leadership, Boohoo states the business has been transformed “into Britain's leading online department store” with a GMV annual run rate of around 800 million pounds, through a capital-light, cash-generating and highly profitable marketplace model.

Debenhams CEO Dan Finley appointed Boohoo Group CEO

Alistair McGeorge, deputy chairman of Boohoo Group, 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."

Commenting on his new role, Finley added: "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."

Boohoo adds that Lyttle will remain available to Finley and the Group to ensure continuity through the change of leadership and a smooth transition, while Finley will be appointed to the Board in due course.

The move comes as Frasers Group, which is Boohoo’s largest shareholder, holding 27 percent of the company requested in an open letter that its owner Mike Ashley be appointed the chief executive officer and a director, citing an apparent “leadership crisis” resulting in declining revenues and a falling share price.