Boohoo rebrands to Debenhams Group as it shifts to marketplace model
Boohoo Group boss Dan Finley has unveiled his turnaround plan for the fashion giant as he looks to shift the entire business to a marketplace model.
Boohoo Group boss Dan Finley has unveiled his turnaround plan for the fashion giant as he looks to shift the entire business to a marketplace model.
Finley, who was named group chief executive in November, has spent the last three years leading the transformation of the company’s Debenhams brand into a “very profitable and highly cash generative” marketplace-led business model.
Finley said the successful turnaround of Debenhams will act as “our blueprint for the wider turnaround of the group”.
It comes as sales for the group fell 16% from £1.46bn to £1.22bn in the 52 weeks to February 2025. It expects to report an adjusted EBITDA of around £40m for the year.
As part of the wider strategic change, the fashion giant – which also operates Boohoo, Man, PrettyLittleThing, Karen Millen – will now be known as Debenhams Group.
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The company said the new lean operating model was “critical to the turnaround of the youth brands”, which include PLT, Boohoo and Man. The fast fashion brands saw a 21% drop in sales from £1.2bn to £94m year-on-year.
“Whilst we recognise that this turnaround will take time and that we have a period of substantial change ahead of us, we remain excited about the potential of these brands,” the group said.
The business has also promoted Debenhams finance director Phil Ellis to the role of new chief financial officer, replacing Stephen Morana with immediate effect.
Group chief executive Dan Finley 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.
“We’ve created a thriving community of brand partners with millions of consumers and we are growing rapidly. The most exciting thing is that we are just getting started.
“We see a clear path to scaling this into a multibillion-pound GMV business with strong profitability. The successful turnaround of Debenhams is our blueprint for the wider turnaround of the group.
“The turnaround of our youth brands is underway and will take time. I have inherited significant challenges. I can see their future potential as they evolve into fashion-led marketplaces and adopt a leaner operating model.”
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