The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Some 12 percent of votes cast at Boohoo’s annual shareholders’ meeting on Friday opposed the re-election to the board of the British online fashion retailers’ co-founder and executive director Carol Kane.
Ahead of the meeting, investor advisory groups Glass Lewis and Institutional Shareholder Services (ISS) had recommended shareholders vote against her re-election because of concerns over how Boohoo dealt with worker conditions in its supply chain and over executive pay.
Boohoo, which sells clothing, shoes, accessories and beauty products targeted at 16- to 40-year-olds, said 11.96 percent of votes cast at its annual general meeting (AGM) were against the resolution to re-elect Kane, while 88.04 percent were in favour.
“The board is delighted that shareholders have recognised the important and very specific role Carol has on the board with a very strong vote in her favour,” Boohoo said.
ADVERTISEMENT
Boohoo’s other co-founder Mahmud Kamani did not face a vote on his re-election this year.
By James Davey; Editor: Michael Holden
Fast-growing start-ups like Hettas, Saysh and Moolah Kicks created sneakers designed specifically for active women. The sportswear giants are watching closely.
The companies agreed to cap credit-card swipe fees in one of the most significant antitrust settlements ever, following a legal fight that spanned almost two decades.
In an era of austerity on Wall Street, apparel businesses are more likely to be valued on their profits rather than sales, which usually means lower payouts for founders and investors. That is, if they can find a buyer in the first place.
The fast fashion giant occupies a shrinking middle ground between Shein and Zara. New CEO Daniel Ervér can lay out the path forward when the company reports quarterly results this week.