Boohoo Group rebrands as Debenhams after overhaul at department store brand
The Boohoo brand will continue, as will other fashion brands owned by the group, such as Karen Millen and PrettyLittleThing.
Boohoo’s parent company has rebranded as Debenhams Group as it hailed the turnaround of the department store brand it bought out of administration three years ago.
Boohoo said it has successfully completed an overhaul of Debenhams since it took over the brand in 2022 and that it is now a “majority contributor to group profitability”.
It said it will roll out the operating model at Debenhams across the wider firm, using the overhaul at the brand as a “blueprint for the wider turnaround of the group”.
“Reflective of this major strategic change, the group will go forward as Debenhams group with immediate effect,” Boohoo said.
The Boohoo brand will continue, as will other fashion brands owned by the group, such as Karen Millen and PrettyLittleThing.
Shareholders will need to formally approve the wider listed company’s name change, with a meeting scheduled for them to vote on the change on March 28.
Group chief executive Dan Finley – who was promoted to the top job in November 2024, having previously led the Debenhams brand – told the PA news agency: “I’m super proud of the turnaround of Debenhams.
“Bought out of administration with no future, no stock, no staff, but here we are three years later with a thriving British business.”
He added: “Debenhams is back. The future is so bright for Debenhams.”
But he said he had “inherited significant challenges” since taking the helm, with Boohoo having struggled amid sliding sales and a high-profile spat with major shareholder Mike Ashley’s Frasers Group, which had attempted a boardroom coup.
He revealed the group had cut costs in the past year by more than first expected, stripping out £50 million, up from the £30 million previously announced.
Some jobs have gone as a result of the cost savings, but the group did not disclose how many.
Mr Finley told PA: “We have made necessary changes to strengthen our business.”
He said he was now “laser-focused on the turnaround of our youth fashion brands”, but admitted it “will take time”.
Plans to reverse their fortunes include making them marketplaces, by partnering with other brands so that customers will have more choice, alongside their own brand clothing.
“I can see their future potential as they evolve into fashion-led marketplaces and adopt a leaner operating model,” said Mr Finley.
In a full-year trading update also on Tuesday, the group said sales at the firm fell 16% to £1.2 billion in the 12 months to February, down from £1.5 billion the previous year despite a strong performance at Debenhams.
Revenues at Debenhams jumped to £204.6 million from £186 million the previous year.
Its youth brands, including Boohoo, saw sales tumble to £947.3 million from £1.2 billion in 2023-24.
Asked if the changes being rolled out would appease shareholder Frasers, Mr Finley said: “This new strategy and new leadership is the best way forward to create value for all of our shareholders.”
As part of the strategy overhaul, Boohoo also appointed Phil Ellis as group chief financial officer with immediate effect, replacing Stephen Morana.
Mr Ellis is currently finance director of Debenhams and managing director of DebenhamsPay+.
