Boohoo's parent company has rebranded itself as Debenhams Group, highlighting changes to the department store it bought from receivership three years ago.
Boohoo said it had successfully completed a major overhaul of Debenhams since acquiring the brand in 2022 and that the company now makes a “significant contribution to the group's profitability”.
The company said it would extend Debenhams' operating model across the organisation, using the brand reorganisation as “the foundation for the wider transformation of the group”.
“As part of this important strategic change, the group will transition to the new Debenhams name with immediate effect,” Buhu said.
The Boohoo brand will remain on the market, along with other fashion labels owned by the group, including Karen Millen and PrettyLittleThing.
Shareholders will need to formally approve the name change for the publicly traded company and will hold a meeting on March 28 to vote on the matter.
Group CEO Dan Finlay, who was appointed in November 2024 and previously led the Debenhams brand, commented: “Debenhams is back.
“The famous British brand, bought out of administration, has been successfully restored.
“It has been future-proofed and transformed into the UK's leading online department store.”
He added: “We are moving forward as Debenhams Group.
“This is a key moment in our journey, reflecting our new strategy, renewed leadership and new beginnings.”
However, he acknowledged he had “been handed a tough job” since taking over, with Boohoo struggling with falling sales and a high-profile stand-off with major shareholder Mike Ashley of Frasers Group, who has attempted to stage a boardroom coup.
“The transformation process of our youth brands has already begun and it will take time,” Mr Finley said.
“I see their future potential as they become more fashionable and adopt a leaner operating model.”
In its annual profit report, also published on Tuesday, the group said sales fell to £1.2bn in the 12 months to February, down from £1.5bn last year, despite a strong performance at Debenhams.
Debenhams' revenue rose to £204.6m from £186m last year.
Sourse: breakingnews.ie
