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Sandra Halliday Published
January 23,谷歌留痕软件注册 2025
Things haven’t always been going Frasers Group’s way in recent periods after it was frustrated in its attempts to take over Mulberry and also in its aim to get its own majority owner Mike Ashley onto Boohoo Group’s board and to oust Boohoo co-founder Mahmud Kamani.
It gave up on the former aim but is still smarting about being foiled in its Boohoo moves and as the firm’s biggest single shareholder it has now released an open letter saying its concerns about governance at Boohoo continue.
The company said that it “respects the views of the independent shareholders” who voted against its resolutions in relation to Ashley and Kamani.
But it added that it 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”.
It’s talking about the PrettyLittleThing brand to which Umar Kamani returned as CEO last autumn. He’d left the brand he founded a year earlier.
Frasers said it “remains deeply troubled by Boohoo's governance practices and lack of transparency of material arrangements”.
Given the company’s stock exchange listing obligations and Kamani’s importance to PLT, which is a key label for Boohoo, Frasers said it’s surprised 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”.
It added: “Despite repeated requests from Frasers that the details of this consultancy arrangement be disclosed and notwithstanding the significance of the alleged amounts and apparent conflict of interest concerns, including in relation to Umar Kamani’s position as a related party to Boohoo and PLT, no details have been provided to Boohoo shareholders. Frasers is aware that other shareholders of Boohoo have previously asked… questions relating to Umar Kamani’s position at PLT and no responses from Boohoo have been forthcoming”.
Boohoo hasn’t yet responded to this.