The Frasers Group, owned by Mike Ashley, has unsuccessfully sought to remove Mahmud Kamani from the board of Boohoo, the fast-fashion label he co-founded, following shareholders’ rejection of the proposal.

At a general meeting held on Tuesday, a significant 63% of voting shareholders opposed Frasers’ efforts to oust Kamani from his position.

This meeting came after Frasers, which possesses a 28% stake in Boohoo and is primarily owned by Ashley, expressed their concerns regarding the current leadership, specifically targeting Kamani.

Boohoo’s board, along with advisory firms Glass Lewis and Institutional Shareholder Services, recommended that shareholders vote against Kamani’s removal. Kamani, who recently transitioned from chairman to vice-chairman, controls over 12% of Boohoo shares.

In a previous showdown last month, Boohoo shareholders also blocked Frasers’ attempts to appoint Ashley and restructuring specialist Mike Lennon to the board. More than 63% of votes were cast against both appointments during a general meeting in Manchester.

Dan Finley, Boohoo’s CEO, commented, “Once again, our shareholders have made their voices heard. We aim to move past this disruption and focus on our business objectives.”

Tim Morris, the independent non-executive chair of Boohoo, stated that the decision mirrored the overwhelming rejection of Frasers’ earlier attempts to destabilize Boohoo, with 99% of unaffiliated investors backing the board’s stance.

Frasers has yet to comment on the latest developments.

The two fashion companies have been engaged in a contentious exchange for several months now.

Frasers, which operates numerous brands including Sports Direct, has been advocating for urgent leadership changes at Boohoo, accusing the current board of losing its capability to effectively manage the online fashion retailer. Boohoo has swiftly dismissed these allegations, claiming Frasers is acting out of self-interest.

This month, Boohoo stated, “Frasers’ ongoing demands, including the current push to oust Mr. Kamani as a director, seem part of an ongoing strategy aimed at destabilizing Boohoo and hampering the board’s efforts to enhance shareholder value.”

They further added, “The board believes Frasers is solely motivated by its own commercial interests in this ongoing campaign.”

Additionally, last month, it was reported that three police services are investigating alleged instances of stalking involving Boohoo executives, as well as claims of corporate espionage. The company asserts that its leaders are still under surveillance as the investigation continues.

The identities of the alleged stalkers remain unknown, along with any individuals or entities that might have instigated these actions.

In midday trading, Boohoo shares rose by 0.5p, or 1.4%, to reach 30.5p, while Frasers’ stock increased by 2.5p, or 0.42%, to 598.5p.