Frasers Group sent an open letter to Boohoo’s board members claiming that the online fast fashion retailer had disregarded a private Frasers request to install Mr. Ashley.
With 27% of all shares, Frasers is the largest stakeholder and can have an impact on Boohoo.
The letter stated that the company’s business management urgently needs to be addressed. The board is no longer able to oversee Boohoo’s operations and financial commitments.
You have failed to communicate with us, your biggest shareholder, in any meaningful way.
In light of the ongoing value destruction that the board is supervising at Boohoo, these “delay and ignore” strategies are no longer acceptable. We can spot stone-walling when we see it.
