Sports Direct owner Frasers Group PLC (LSE:FRAS) has been thoroughly defeated in its attempt to secure two spots on the board of online fashion retailer Boohoo Group PLC (AIM:BOO).
In a Friday general meeting, 64% voted against appointing Frasers’ founder and figurehead Mike Ashley as a director of the company.
Some 64% also voted against appointing restructuring expert Mike Lennon as a director.
For the record, Frasers owns an approximately 26% stake in Boohoo, making the high-street chain one of the few to advocate for both votes.
Frasers and Boohoo have been at loggerheads for months as the former has made numerous aggressive campaigns to appoint Ashley as the latter’s chief executive.
Although both sides offered concessions in the spat, which stemmed from Boohoo’s declining sales and share price, Boohoo was unwavering in its opposition to Ashley securing a spot on the board.
"I would like to thank our shareholders for their support of the board,” Boohoo’s independent non-executive chair Tim Morris said in a statement.
“We remain focused on delivery of our Business Review with the objection of unlocking and maximising value for all shareholders,” he added.