On Tuesday, Boohoo Group (LON: BOO) announced a major rebrand, officially changing its name to Debenhams Group, as it pivots towards a marketplace-led business model.
The move follows the successful turnaround of the Debenhams brand, which has become the company’s most profitable division since its acquisition in 2021. The company said it is now a “majority contributor to group profitability.”
Under CEO Dan Finley, the company said Debenhams has been repositioned as Britain’s leading online department store, generating £654 million in gross merchandise value (GMV) in the last financial year.
“Debenhams is back,” Finley stated, calling the transformation a blueprint for the wider group’s recovery.
“We've created a thriving community of brand partners with millions of consumers and we are growing rapidly,” he added.
The company aims to expand Debenhams into a multi-billion-pound business with an EBITDA margin of around 20%.
Its marketplace model, which connects a growing network of over 15,000 brands, has been key to its strong performance.
Alongside the rebrand, the group announced Phil Ellis as its new Chief Financial Officer, replacing Stephen Morana. Ellis, who has served as Finance Director of Debenhams, is said to have played a key role in the brand’s turnaround.
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