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The war of words between Boohoo and Mike Ashley’s Frasers Group intensified last night.
In the latest salvo, Boohoo attacked its majority shareholder, controlled by tycoon Sports Direct, accusing Frasers of promoting “commercial self-interest” at the expense of other investors.
Ashley has been trying to establish himself as CEO of the fast fashion giant. But in a snub, Boohoo named a whistleblower, Dan Finley, this week.
Dispute: Boohoo accused Frasers of promoting ‘commercial self-interest’ at the expense of other investors
In an open letter last night, Boohoo said it would only offer Frasers a board seat for a “suitable” non-executive director.
He also said he was awaiting private information “regarding Ashley’s interests and her role in competing businesses”, such as a large stake in rival Asos.
Boohoo has paved the way for a demerger of the company, throwing into doubt the future of its Karen Millen and Debenhams brands, which could be spun off or sold to boost the sagging share price.
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