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UK: Boohoo CEO to Step Down as Strategic Review Launched

Clouds form behind the London Eye in London, Britain, October 17, 2024. REUTERS/Mina Kim
Clouds form behind the London Eye in London, Britain, October 17, 2024. REUTERS/Mina Kim
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UK: Boohoo CEO to Step Down as Strategic Review Launched

Clouds form behind the London Eye in London, Britain, October 17, 2024. REUTERS/Mina Kim
Clouds form behind the London Eye in London, Britain, October 17, 2024. REUTERS/Mina Kim

British online fashion retailer Boohoo said its CEO would step down as the group announced a review of its strategic options to try to improve performance after sales slumped.

The company, whose brands include boohoo, PrettyLittleThing, Debenhams and Karen Millen, said on Friday that John Lyttle had informed the board of his intention to stand down but would stay on whilst a successor is found.

The company, like UK peer ASOS, was a winner during the pandemic, which drove a boom in online shopping. It has struggled since, hurt by supply chain problems, higher product returns, competition from rivals such as Shein and subdued consumer demand. Boohoo shares are down 22% so far this year.

Boohoo also reported a 7% fall in first half sales by gross merchandise value (GMV) and said it has agreed a new 222 million pounds ($290 million) debt facility.

"The board strongly believes there is potential to unlock shareholder value and is exploring options to deliver on this," it said.

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Spain's Top Fashion Retailers to Launch Trial to Collect Clothes Waste in 2025

A street performer dressed as a bear stands outside a Primark store in Madrid, Spain, October 2, 2024. REUTERS/Susana Vera
A street performer dressed as a bear stands outside a Primark store in Madrid, Spain, October 2, 2024. REUTERS/Susana Vera
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Spain's Top Fashion Retailers to Launch Trial to Collect Clothes Waste in 2025

A street performer dressed as a bear stands outside a Primark store in Madrid, Spain, October 2, 2024. REUTERS/Susana Vera
A street performer dressed as a bear stands outside a Primark store in Madrid, Spain, October 2, 2024. REUTERS/Susana Vera

Spain's largest fashion companies will start collecting discarded clothes from April next year as part of a voluntary pilot scheme to manage textile waste that anticipates EU regulations expected to come into force in 2026.
Zara owner Inditex, H&M, Decathlon, Ikea and Primark are among 10 brands that will participate in a trial that will separate textiles and shoes from other waste collection so they can be reused or recycled, according to organizers of the project, dubbed Re-viste.
Spain is awaiting final approval of new EU regulations that will require member states to separate textiles from other waste before it issues rules to fashion companies, which will meet the cost of managing the textile waste, Marta Gomez, director of quality and environmental evaluation at the ministry of energy transition, told fashion leaders at an event in Madrid.
The EU regulations won't come into force before 2026 as authorities will give companies at least a year to adapt, government officials and fashion industry sources said.
"The regulations show us the way, but we have decided not to wait to comply with the legal requirements," said Andres Fernandez, president of Re-viste and head of sustainability at retailer Mango, which is also part of the trial.
The rules will mean that companies that sell more clothes and shoes are likely to have to pay more for managing the waste, Reuters reported.
In Spain, just 12% of used clothes are collected separately and 88% end up in landfill, according to official data. Each resident in Spain discards 20 kilos of clothes per year compared to an average of seven kilos in Europe, authorities say.
During the year-long trial, Re-viste plans to set up dozens of containers in churches, stores, shopping centers and streets to collect the waste in bags and take it to plants for sorting.
Once the legislation comes into force, fashion companies estimate that Spain will need one textile waste container for every 1,200 residents.