boohoo group – Frasers go for the jugular demanding removal of founder Kamani

14.08.2025

After last weekend’s exposure by the Telegraph that Mahmud Kamani, founder and Vice Chair of the boohoo group, had used various measures through the group to gain £100,000 for himself, the Frasers Group has sought his removal.

Frasers Group, which is the largest shareholder in the business, is demanding a very necessary independent investigation of the matter, pending such results it wants Kamani and any associates to be suspended.

Frasers firmly believes that this investigation and Mr. Kamani's suspension are required in order to protect the interests of boohoo, its shareholders and its stakeholders.

A copy of the open letter delivered to the Chairman of boohoo group from Frasers Group lawyers, White & Case, is seen on https://frasers-cms.netlify.app/assets/document_2.pdf

This continues the sad saga of the boohoo group, whose shares have collapsed from the white convertible Rolls flashing days of the group’s float in 2014.

The company completed its initial public offering in March that year, with its shares trading considerably above the 50p float price on the company's debut in the AIM sub-market of the London Stock Exchange.

They touched 433p in 2020, since when they have been traded down to a current 15p.

The group, which changed its name to Debenhams Group (LON:DEBS), is an online powerhouse in fashion, home, and beauty, serving millions of customers across five shopping destinations: Debenhams, Karen Millen, boohoo, MAN and PLT.

Debenhams Group dates back to 1778 when William Clark, a retail pioneer of the time, opened the UK's first department store.

Today, the Group is home to Debenhams-which was relaunched in 2021 as an online department store-and leading online fashion retailers, including boohoo, PLT, MAN, and Karen Millen.