Lyttle has announced his intention to step down from his position, though he plans to collaborate with the leadership team and board during the search for his successor over the coming months.
Reflecting on his tenure, Lyttle expressed pride in leading the company over the past five years, emphasizing the business’s significant potential. He affirmed his commitment to working alongside the board to enhance value for shareholders until a new leader is appointed.
Boohoo Group, the parent company of brands such as Boohoo, PrettyLittleThing, and Nasty Gal, has secured a refinancing deal with its banking partners. This agreement includes a $163 million revolving credit facility available until October 2026, along with a $126.6 million term loan due by August 2025. The group received advisory support from Ashurst and Rothschild & Co on this refinancing process.
Despite securing the new debt facility, Boohoo Group’s financial performance has faced difficulties. In the first half of 2025, covering the six months ending August 31, 2024, revenue declined by 15% year-on-year, amounting to $809 million. Adjusted EBITDA margin also fell from 4.3% to 3.4%, while Gross Merchandise Value (GMV) decreased by 7% to $1.54 billion. However, the group anticipates improved results in the second half of the fiscal year, expecting both higher GMV and stronger adjusted EBITDA, even with continued investments in the brands to drive shareholder value.
Group executive chairman Mahmud Kamani stressed that the board is committed to making strategic decisions in the best interests of all stakeholders. He noted that the newly agreed lending facility reflects the banks’ confidence in Boohoo’s future. Kamani also highlighted the company’s evolution, moving beyond its original focus on young fashion, and indicated that it may be time to explore options regarding its corporate structure to further maximize shareholder value.
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