Mike Ashley: ‘I’m ready to turn Boohoo around’

Commenting publicly for the first time in years, Ashley emailed The Sunday Times to declare: “I am all in. I’m ready to dedicate my time and effort – including basing myself in Manchester as much as I deem required – to turn Boohoo around and deliver value for all shareholders.”

He continued: “The focus here needs to be on urgent and decisive action to sort out the mess that Boohoo is in after suffering serious mismanagement. The resignation of their CEO and the announcement of a disastrous refinancing was the final straw.”

Frasers Group, which since 2022 has been led by Ashley’s son-in-law Michael Murray, started buying up shares in Boohoo Group in June 2023 and today is the largest shareholder, at 27%.

Ashley was pitched as the new CEO of Boohoo Group in an open letter published on 24 October. He would replace John Lyttle, who announced his decision to step down on 18 October.

On Friday (25 October), Boohoo Group responded by saying a CEO appointment is a critical board decision that “requires careful consideration and proper governance”.