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UK's Boohoo Names Tim Morris as Chair

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
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
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UK's Boohoo Names Tim Morris as Chair

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
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

British online fashion retailer Boohoo said on Thursday it had appointed Tim Morris as its independent chair with immediate effect, replacing Mahmud Kamani.

In a separate statement, Frasers, Boohoo's top investor, called for a shareholders' meeting to remove Kamani as a director of the company, and appoint its owner Mike Ashley and Mike Lennon as directors.

Boohoo also said Kamani will become executive vice-chair with immediate effect.

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Burberry Announces Turnaround Plan as Sales Continue to Slide

FILED - 22 August 2018, England, London: A general view of the Burberry logo displayed on the facade of its store in New Bond Street. Photo: Yui Mok/PA Wire/dpa
FILED - 22 August 2018, England, London: A general view of the Burberry logo displayed on the facade of its store in New Bond Street. Photo: Yui Mok/PA Wire/dpa
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Burberry Announces Turnaround Plan as Sales Continue to Slide

FILED - 22 August 2018, England, London: A general view of the Burberry logo displayed on the facade of its store in New Bond Street. Photo: Yui Mok/PA Wire/dpa
FILED - 22 August 2018, England, London: A general view of the Burberry logo displayed on the facade of its store in New Bond Street. Photo: Yui Mok/PA Wire/dpa

Burberry's new CEO Joshua Schulman announced a turnaround strategy for the struggling British luxury brand on Thursday, as sales continued to slide in its second quarter.
Burberry suspended its dividend for 2025 and announced a 40 million pound ($50.73 million) cost savings program. According to Reuters, Schulman said the brand needed to focus back on outerwear and its core customer.
"Today, we are acting with urgency to course correct, stabilize the business and position Burberry for a return to sustainable, profitable growth," Schulman said in a statement.
Sales in Burberry's second quarter ending Sept. 28 fell at the same pace as the first, with revenue for the first half down 20% in constant currency.