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Boohoo has abandoned plans to award its senior executives bonuses totalling £1 million, following backlash from shareholders in the loss-making fashion chain. The retailer reportedly faced pressure after unveiling the hefty payouts despite the executives failing to meet their bonus targets for the year. In its annual report released earlier this year, stated that its co-founders Mahmud Kamani and Carol Kane, along with CEO John Lyttle, were entitled to an annual bonus of £1 million, comprised of cash and share awards.

This was despite the company reporting a pre-tax loss of £150 million for the year ending February, up on the £91 million reported the previous year, and revenues falling by 17%. Consequently, the company did not achieve its own financial objectives for the year, with revenues, adjusted earnings and adjusted cash flow all falling short of its target levels. It also failed to meet its goals for environmental measures, international supply chain milestones and IT project objectives.



Nonetheless, Boohoo had claimed it was disregarding its own pay policy as it did not reflect the "excellent work" performed by its top executives. "Using the formulaic outcome alone, the FY24 (2024 financial year) annual bonus out-turn was 0% of maximum," the report read. "However, the Remuneration Committee feels that the formulaic outcome is not an accurate reflection of the excellent work carried out during the year to set the business up for future success, nor will it ensure t.

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