Boohoo’s parent company has rebranded as Debenhams Group as it hailed the turnaround of the department store brand it bought out of administration three years ago.
Boohoo said it has successfully completed an overhaul of Debenhams since it took over the brand in 2022 and that it is now a “majority contributor to group profitability”.
It said it will roll out the operating model at Debenhams across the wider firm, using the overhaul at the brand as a “blueprint for the wider turnaround of the group”.
“Reflective of this major strategic change, the group will go forward as Debenhams group with immediate effect,” Boohoo said.
The Boohoo brand will continue, as will other fashion brands owned by the group, such as Karen Millen and PrettyLittleThing.
Shareholders will need to formally approve the wider listed company’s name change, with a meeting scheduled for them to vote on the change on March 28.
Group chief executive Dan Finley – who was promoted to the top job in November 2024, having previously led the Debenhams brand – said: “Debenhams is back.
“The iconic British heritage brand, bought out of administration, has been successfully turned around.
“Rebuilt for the future and transformed into Britain’s leading online department store.”
He added: “We go forward as Debenhams Group.
“This is a defining moment in our journey, reflective of our new strategy, new leadership and new beginnings.”
But he admitted he had “inherited significant challenges” since taking the helm, with Boohoo having struggled amid sliding sales and a high-profile spat with major shareholder Mike Ashley’s Frasers Group, which had attempted a boardroom coup.
“The turnaround of our youth brands is under way and will take time,” said Mr Finley.
“I can see their future potential as they evolve into fashion-led marketplaces and adopt a leaner operating model.”
In a full-year trading update also on Tuesday, the group said sales at the firm fell to £1.2 billion in the 12 months to February, down from £1.5 billion the previous year despite a strong performance at Debenhams.
Revenues at Debenhams jumped to £204.6 million from £186 million the previous year.
