boohoo to continue Debenhams rebrand despite shareholder vote failing

(Alliance News) - boohoo Group PLC on Friday said it will "continue forward as Debenhams Group" despite shareholders rejecting the name change for the ultimate holding company.

The Manchester, England-based online fast fashion retailer said 62% of shareholders voted in favour of the name change to Debenhams Group PLC. The motion required the approval of two-thirds of shareholders to pass.

Therefore, the holding company will remain listed as boohoo Group PLC, though the ticker code will change to DEBS on Monday.

boohoo said while the name of the listed company will not change, it will "continue forward as Debenhams Group".

The firm rebranded as Debenhams Group on March 11, as it said the "reinvigorated" Debenhams is now the "majority contributor" to group profit.

boohoo said it was not surprised that "major competitor" Frasers Group PLC voted against the resolution and "continues to act in its own self-interest".

Chief Executive Officer 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."

Shares in boohoo were up 0.3% to 26.49 pence in London on Friday afternoon.

By Michael Hennessey, Alliance News reporter

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