Boohoo Scraps Executive Bonus Plan After Shareholder Backlash

Online fashion retailer Boohoo Group Plc scrapped a lucrative bonus plan for executives amid reports of a shareholder backlash following ballooning losses.

Executive directors at the fast-fashion outlet also waived their bonus entitlements for the year ended February 2024, following discussions with certain shareholders, the company said Tuesday.

The U-turn comes after large shareholders criticized a plan to offer Boohoo’s Chief Executive Officer John Lyttle and co-founders Mahmud Kamani and Carol Kane £1 million ($1.3 million) each in bonuses, according to a report by The Times newspaper on Monday.

The group, which also owns UK brands Debenhams and Karen ...