Boohoo Group PLC (AIM:BOO) has rebranded as Debenhams Group, marking a strategic shift as the business pivots to a marketplace-led model.
The turnaround of Debenhams, acquired in 2021, has been "completed", with the online department store now the group's most profitable division, it says.
The company aims to replicate this success across its wider portfolio, including "youth brands" like PrettyLittleThing and Boohoo, which are undergoing restructuring, and the Karen Millen brand continuing its expansion as a premium lifestyle brand with a focus on international growth.
Other brands include Wallis, Burton, MissPap, Coast, Oasis, Dorothy Perkins and Warehouse.
A trading update showed group revenue down 16% to £1.2 billion in the year to February, though Debenhams generated net sales of £205 million with an EBITDA margin of roughly 12%.
The group, which also announced Debenhams finance director Phil Ellis as its new group chief financial officer, said it sees "a clear runway" to becoming a business with a "multi-billion pound" gross merchandise value in the medium term, with EBITDA margin on net sales of around 20%.
CEO Dan Finley, appointed in November after two years as boss of the department store brand, said: "Debenhams is back. The iconic British heritage brand, bought out of administration, has been successfully turned around."
He said the retailer has a "thriving community" of around 15,000 brand partners and roughly 15 million customers.
"The successful turnaround of Debenhams is our blueprint for the wider turnaround of the Group. The turnaround of our youth brands is underway and will take time. I have inherited significant challenges. I can see their future potential as they evolve into fashion-led marketplaces and adopt a leaner operating model.
"We go forward as Debenhams Group. This is a defining moment in our journey, reflective of our new strategy, new leadership and new beginnings."