In a bold move, Boohoo Group has rebranded as Debenhams Group, marking a significant shift in its strategy. This change follows the successful turnaround of Debenhams, which Boohoo acquired out of administration in 2021.
Under CEO Dan Finley’s leadership, Debenhams has become Britain’s leading online department store and the majority contributor to the group’s profitability.
Debenhams’ resurgence is attributed to its marketplace-led model, which has proven profitable and cash generative.
Revenues rose by 10% to £204.6 million. This success will be replicated across other brands like Boohoo and PrettyLittleThing.
“Debenhams is back,” Finley said. “The iconic British heritage brand has been successfully turned around. We go forward as Debenhams Group, reflecting our new strategy and leadership.”
Despite Debenhams’ success, the group faces challenges. Overall sales fell by 16% to £1.2 billion, with youth brands declining by 21%.
Finley acknowledged these challenges, noting, “The turnaround of our youth brands will take time. I see their future potential as they evolve into fashion-focused marketplaces.”
Phil Ellis has been appointed as the group’s new CFO. Shareholders will vote on the name change on March 28. The rebranding marks a new chapter for the company, aiming to build on Debenhams’ success and revitalize its other brands.
