Via Yahoo Finance

Fast fashion website Boohoo faced a backlash from investors over pay for its top executives at its annual meeting on Friday. 

A third of the shareholders who took part in the ballot voted against the retailer’s remuneration report. It included a £50m bonus for chief executive John Lyttle if the company is worth £6bn by March 2024. 

Boohoo’s valuation is £800m shy of that sum after shares jumped 38pc this year. 

Shares closed 0.2pc higher at 413p. 

The company raised £200m last month to fuel its acquisition spree, having bought Oasis and Warehouse on Wednesday.

Markets Hub – Boohoo Group PLC

Last year it added Coast and Karen Millen to its stable of brands, which include Pretty Little Thing and Nasty Gal.  

Mr Lyttle said this week: “We’re not just a UK retailer, we’re a global retailer and we really see ourselves growing into something similar like [Zara owner] Inditex Group or H&M Group. That is our ambition – to be a global online player.”

Boohoo reported sales of £367.8m for the three months to the end of May, an increase of 45pc on last year as shoppers continued to spend during lockdown. 

The Manchester-based firm expects to deliver another year of “strong profitable growth” ahead of market expectations, with revenue surging by a quarter for the current financial year. 

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