Yahoo Finance Boohoo investors stage revolt over bosses' pay
Fast fashion website Boohoo faced a backlash from investors over pay for its top executives at its annual meeting on Friday.
A third of the shareholders who took part in the ballot voted against the retailer’s remuneration report. It included a £50m bonus for chief executive John Lyttle if the company is worth £6bn by March 2024.
Boohoo's valuation is £800m shy of that sum after shares jumped 38pc this year.
Shares closed 0.2pc higher at 413p.
The company raised £200m last month to fuel its acquisition spree, having bought Oasis and Warehouse on Wednesday.
Last year it added Coast and Karen Millen to its stable of brands, which include Pretty Little Thing and Nasty Gal.
Mr Lyttle said this week: “We’re not just a UK retailer, we’re a global retailer and we really see ourselves growing into something similar like [Zara owner] Inditex Group or H&M Group. That is our ambition - to be a global online player.”
Boohoo reported sales of £367.8m for the three months to the end of May, an increase of 45pc on last year as shoppers continued to spend during lockdown.
The Manchester-based firm expects to deliver another year of "strong profitable growth" ahead of market expectations, with revenue surging by a quarter for the current financial year.
