The net trend retailer has seen income plummet because it faces competitors from the likes of Shein and Temu.
Boohoo’s CEO John Lyttle will step down because the British trend agency prepares for a strategic overview.
The corporate, which additionally owns the manufacturers PrettyLittleThing, Debenhams, and Karen Millen, stated that its operations require an overhaul “to unlock and maximise shareholder worth”.
At the moment, it acknowledged that its enterprise stays “basically undervalued”.
Though Boohoo profited from an internet procuring surge through the pandemic, it has since underperformed in opposition to Chinese language rivals like Shein and Temu.
Provide chain issues and better product returns have additionally hit the agency’s margins, whereas shopper demand has been dampened by wider financial situations.
Boohoo’s gross merchandise worth after returns dropped by 7% to £1.2bn (€1.4bn) within the six months to the tip of August.
Adjusted income, in the meantime, fell 32% to £21m (€25.3m).
Full first-half outcomes shall be printed subsequent month.
Lyttle, who has led Boohoo for 5 years, will proceed his duties till a successor is discovered.
Boohoo has additionally agreed a brand new £222m debt refinancing to finance its transformation.
The group’s share worth was down by round 5% in each day buying and selling as of round 15h30 CEST, at £30.10 (€36).