Boohoo boss takes home £650,000 bonus despite fast-fashion giant making over £90m loss
Fast-fashion giant Boohoo handed its chief executive a bonus of more than £650,000 despite racking up losses of over £90m.
In March, shareholders narrowly approved a new bumper incentive deal which could see Mr Lyttle earn a £50m bonus over the next five years provided he led a significant turnaround in Boohoo’s share price. Furthermore, Boohoo sunk to a loss of almost £91m from a profit of £7.8m the prior year, after sales slipped by more than a 10th.
It added: "The committee recognises the strong performance of management and successful execution of the cost reduction programme at a pivotal time for the business, which provides a platform for future growth." It said that staff making clothes for Boohoo’s Nasty Gal brand could allegedly expect to be paid £3.50 an hour amid working conditions which did not meet Covid lockdown restrictions.
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