Boohoo confirmed its trading “remains in line with market expectations” and it will report its final results for the year ended 28 February 2024 in May.
However, in October the fast-fashion retailer revised its sales forecast for the year ending February 2024 and warned sales could fall by up to 17% as a result of reduced spending by cash-strapped customers.
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Boohoo also announced that Shan McCabe has stepped down from his role as chief financial officer (CFO) by “mutual agreement and with immediate effect” and is no longer on the company’s board.
McCabe who joined the Boohoo board in October 2020 as an independent non-executive director and chair of the audit and risk committees, was appointed chief financial officer two years later.
His replacement has been named as Stephen Morana, former CFO to two “founder-led, digitally disruptive businesses, Betfair and Zoopla, both of which he led through IPO and helped to create significant shareholder value,” and will join the board in his new role on 19 February.
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Morana, who is recognised for his e-commerce expertise has served as a non-executive director at Entain, a FTSE 100 company, and held the same position at Boohoo from 2014 to 2017. He has also worked as a Venture Partner at Octopus Ventures, and his latest executive role was at Cazoo plc.
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By GlobalDataMahmud Kamani, group executive chairman, commented on Morana’s appointment and said he’s “a highly regarded finance director who is well known to Boohoo, having previously served on our board. He supported us through the IPO process and in our early years as a PLC.
“While the business has grown significantly since then, Stephen has a wealth of experience with global digital businesses and is therefore very well placed to support the strategy in pursuit of our growth ambitions.”
Boohoo has confirmed to Just Style that it will be closing its Daventry distribution centre.
A Boohoo Group spokesperson said: “For the past three years our Daventry distribution centre has played an important role in boohoo Group’s UK operation. We would like to thank colleagues for their hard work during this time. As our business and customer needs evolve, the group has taken the difficult but necessary decision to close our Daventry operation and divert investment to other UK sites, in order to better serve our customers around the world.”
The spokesperson added that the company is working closely with all affected colleagues to ensure they are fully supported throughout this time.
A few days later the fast fashion retailer came under fire for ‘Made in UK’ labels being found on overseas-made goods. Boohoo told Just Style at the time it was an “isolated incident” that took place as “a result of human error” that impacted “less than 1% of the group’s global garments intake.”
