Boohoo has accused Mike Ashley’s Frasers Group of a campaign to “destabilise” the fast fashion firm ahead of a vote on whether founder Mahmud Kamani should be removed as a director.
It is the latest turn in a bitter war of words between the online retail firm and its largest shareholder.
Frasers has called for Mr Kamani to be axed from the firm’s board at a general meeting set up for January 21.
Boohoo, which also owns brands such as PrettyLittleThing and Debenhams, called on shareholders to vote against the motion to oust Mr Kamani, who owns a more than 12% stake in Boohoo.
The company said: “Frasers’ demands, including its current attempt to remove Mr Kamani as a director of the company, form part of an ongoing campaign by Frasers which appears designed to destabilise Boohoo and disrupt the board’s plans to unlock and maximise shareholder value.
“The board is of the view that in pursuing this campaign, Frasers is acting solely in its own commercial self-interest.”
The fashion firm also highlighted that shareholder advisory group ISS has recommended shareholders vote against the resolution.
It comes weeks after Boohoo shareholders blocked attempts by Frasers to get founder Mr Ashley and restructuring expert Mike Lennon appointed to Boohoo’s board of directors.
Frasers had called for the two to help steer the business after “dismal results”.
However, at a meeting in Manchester, around 63.7% of shareholder votes were cast against motions for the appointment for each of them.
Boohoo is currently undergoing a major turnaround plan under new chief executive Dan Finley, who took over the top role in November last year.
