The online fashion retailer Boohoo (BOO) has hired John Lyttle as its new Chief Executive starting six months from now.
While working at Primark as Chief Operating Officer, turnover rose 158% and operating profit rose 116%.
The experienced international retailer has been taken on to drive growth, and his compensation package is heavily linked to creating premium growth in shareholder value - Lyttle set for a £50m payout if the company's stock market value increases by 180% over the next five years.
Boohoo founders Mahmud Kamani and Carol Kane said the group’s next priority is to “ensure world class infrastructure and technology” is in place, and said the Primark COO was the “right person to lead that journey”.
The retailer, which targets consumers aged 16 to 30, uses social media as an integral part of its marketing strategy.
From 2011 to February this year, the retailer experienced turnover growth from 24.5m to 580m.
Mahmud Kamani will now transition to managing the long term strategic direction of the group, while Kane will manage the company's creative direction and their multi-brand approach.
The company said the board role changes were designed to “support the journey of the group though its further international expansion”.
Speaking about the appointment, John Lyttle said: “I have known Mahmud and Carol for a number of years and have watched the growth of the boohoo group with admiration. I am hugely excited to be joining the Group at this key stage of its growth and capitalising on what is a global opportunity"
This year, Boohoo’s growth in international markets were marked by a “real acceleration” in a number of European countries, with “potential for a substantial increase in business”, according to the group’s 2018 annual report.
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