RE: Back in24 Jan 2025 15:03
Obviously he's an adviser.
However, Frasers would like to make boohoo shareholders aware of certain troubling matters
in relation to the remuneration that Frasers understands Mr. Umar Kamani, the son of boohoo’s
founder and Executive Vice Chair, Mahmud Kamani, is receiving for providing “consultancy
services” to a subsidiary of boohoo, as set out below.
Umar Kamani – Mahmud Kamani’s son and a consultant to a boohoo subsidiary,
PrettyLittleThing, for undisclosed fees
Frasers remains deeply troubled by boohoo's governance practices and lack of transparency of
material arrangements. As boohoo shareholders are aware, boohoo is under obligations under
the AIM Rules for Companies, UK Market Abuse Regulation and the 2018 Quoted Companies
Alliance Corporate Governance Code to make certain information publicly available to the
market.
Frasers understands that PrettyLittleThing (“PLT”), one of boohoo’s subsidiaries, is currently
significant to boohoo’s business, contributing substantially to its revenue (vis-à-vis the Youth
Brands), brand portfolio and overall strategy (being described as a “core brand”). In a similar
manner, Umar Kamani has identified the importance of his role at PLT as being the person
responsible for “steering PrettyLittleThing forward”. It is therefore surprising, given the
material significance of PLT to boohoo’s business and the purported importance of Umar
Kamani’s role at PLT, that no details of Umar Kamani’s remuneration at PLT have been
provided to boohoo shareholders.
Frasers has recently been made aware of reports alleging that Umar Kamani is receiving
payments exceeding £2 million annually from PLT to a bank account in Dubai. PLT was set
up by Umar Kamani and was acquired by boohoo in 2020.
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