Boohoo's CEO Steps Down Amid Strategic Overhaul and Sales Decline

Boohoo's CEO, John Lyttle, will step down as the company reviews strategic options following a 7% sales drop. Struggling with supply chain issues, rising product returns, and strong competition, Boohoo's shares fell 22% this year. The company secured a new £222 million debt facility.

Boohoo, the British online fashion retailer, announced that its CEO, John Lyttle, plans to step down as the company undergoes a strategic review to combat declining sales.

The retailer, with brands such as PrettyLittleThing and Debenhams, revealed that Lyttle's departure comes as Boohoo grapples with various challenges, including intensified competition and subdued consumer demand.

The company's shares have tumbled 22% this year amid a 7% decline in first-half sales and supply chain difficulties. Boohoo also secured a £222 million debt facility to stabilize its finances.

(With inputs from agencies.)