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Boohoo Names Finley as CEO against Frasers Demand to Pick Mike Ashley

FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
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Boohoo Names Finley as CEO against Frasers Demand to Pick Mike Ashley

FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

British online fashion retailer Boohoo on Friday appointed Dan Finley as its new CEO, effective immediately, in a blow to top investor Frasers which had attempted to appoint its controlling shareholder Mike Ashley to the role.
Boohoo's shares rose 3% on the news of the appointment of Finley, who is currently head of Boohoo's digital department store unit Debenhams and who will replace John Lyttle.
Frasers last week requisitioned a general meeting at Boohoo to appoint British entrepreneur Ashley as CEO. A week prior, Boohoo had said Lyttle would step down and also announced a strategic review that could see it broken up.
Controlled by Ashley, the British sportswear and apparel retailer is Boohoo's biggest shareholder with a stake of about 27%.
Boohoo's board was unanimous in its decision to appoint Finley as CEO, the company's Deputy Chairman Alistair McGeorge said in a statement.
Frasers did not immediately respond to a Reuters request for a comment.
Under Finley's leadership, Debenhams has a gross merchandise value (GMV) annual run rate of about 800 million pounds ($1.03 billion) due to a capital-light and cash generative model, Boohoo said.
Analysts at Jefferies said the GMV was well ahead of the brokerage's estimate earlier this year of about 400 million pounds.
Boohoo, in response to Frasers last week, had said it was willing to discuss board representation but that there needed to be "appropriate governance" to protect its commercial position.
Boohoo had noted that Frasers also owns a 23.6% stake in ASOS, which operates in similar markets to both Boohoo and Frasers.
Frasers also owns stakes in the likes of British luxury brand Mulberry, where a takeover attempt by Frasers failed last month, and British electronics retailer AO World .
It also invested 150 million pounds in Debenhams, which went out of business in 2021 and was bought by Boohoo out of administration.

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Fashion

Erykah Badu Celebrated as Fashion Icon at CFDA Awards after Years of Pushing Boundaries

Erykah Badu attends the CFDA Fashion Awards at the American Museum of Natural History on Monday, Oct. 28, 2024, in New York. (AP)
Erykah Badu attends the CFDA Fashion Awards at the American Museum of Natural History on Monday, Oct. 28, 2024, in New York. (AP)
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Erykah Badu Celebrated as Fashion Icon at CFDA Awards after Years of Pushing Boundaries

Erykah Badu attends the CFDA Fashion Awards at the American Museum of Natural History on Monday, Oct. 28, 2024, in New York. (AP)
Erykah Badu attends the CFDA Fashion Awards at the American Museum of Natural History on Monday, Oct. 28, 2024, in New York. (AP)

Erykah Badu was bestowed the fashion icon award by the Council of Fashion Designers of America, playfully saying it was an honor she’d been hoping to get most of her life.

Wearing a headdress of jewels and a Thom Browne jacket, Badu accepted the award Monday night in Manhattan, and said she’s been trying to win the icon award since she was 6 years old. Badu described dressing up as a sport, therapy and her husband.

Andre 3000 brought out an orange caution cone to the stage as he introduced Badu, who is the mother of his son.

“The world is a private joke between me and my things,” she said. Andrew 3000 took the cone as he walked off with Badu.

The Grammy Award winner has become one of the great fashion disruptors of red carpets over the years, shaking up black tie conformity with her own Afro-centric style of tall hats and headwraps, oversized jewelry and talismans and layers of patchwork fabric adorned with accents that move and make music.

The CFDA Fashion Awards were held at the American Museum of Natural History at a ceremony that attracted celebrities like Katie Holmes and Kylie Jenner, designers and fashion industry giants to honor the best in design. Star of the movie “Wicked” Cynthia Erivo hosted the evening in a Zac Posen hooded gown.

The final award of the night went to Rachel Scott of Diotima for womenswear designer of the year. Scott was overwhelmed with emotion while accepting her award and thanked her mother and the women in Jamaica, where she is from, who crochet her designs.

“I’ve spent so much of my career on design teams so I’m really unaccustomed to this recognition,” she said.

Scott, known for her exquisite knit designs, was awarded the emerging designer of the year award in 2023.

Popstar Troye Sivan presented the menswear designer of the year award to Willy Chavarria, making this his second menswear win.

This year, Chavarria was up against Mike Amiri of Amiri, Emily Adams Bode Aujla of Bode, Thom Browne and Todd Snyder for the award.

Actor Molly Gordon and designer Brandon Maxwell presented the award for emerging designer of the year award to Russian-born designer Henry Zankov, who is known for his colorful knitwear. (Maxwell as a previous emerging designer winner.) Other contenders for the honor were Presley Oldham of Presley Oldham, Tanner Richie and Fletcher Kasell of Tanner Fletcher, Jackson Wiederhoeft of Wiederhoeft and Connor McKnight.

Celebrity duo Paris Hilton and Nicole Richie teamed up to present the award for accessory designer of the year to Raul Lopez of Laur. Lopez said the win is for everyone like him, who grew up the child of immigrants.

“I’m just a vessel in this industry to guide the kids that come after me to see they can do it to,” he said.

Lopez beat out nominees Ana Khouri, Stuart Vevers for Coach, Catherine Holstein for Khaite and Tory Burch.

Another icon shaking up the fashion industry, Daniel Roseberry of Schiaparelli was honored as the international designer of the year.

Roseberry’s designs have been dominating red carpets with Schiaparelli’s unconventional couture and surrealist pop of gold embellishments. Actor Nicole Kidman stunned at the Venice Film Festival when she walked the carpet in one of Schiaparelli’s couture corseted looks with beaded fringe and a deconstructed neckline.

Roseberry is the first American to lead a French couture company.

Other honors of the night included the Amazon Innovation Award which was awarded to Stuart Vevers with Coach, famed photographer Annie Leibovitz received the media award and the positive change award went to Michael Kors.

Designer Stephen Burrows was honored at the event with the lifetime achievement award. Burrows was one of the five US designers who competed in the 1973 “Battle of Versailles” fashion show.

With her latest award, Badu now joins the ranks of celebrities like Serena Williams, Kim Kardashian and Zendaya who previously took home the “fashion icon” title.