New incentives for Boohoo bosses to grow the business

Boohoo’s new multimillion-pound performance bonuses aimed at turning around the online retailer have received the backing of shareholders.

However, 37pc of votes cast yesterday were against the fast-fashion brand’s new incentive scheme.

Chief executive John Lyttle would receive £50m if Boohoo reaches a near £5bn market valuation in the next five years and stays there for three months.

The deal includes a £25m bonus for chief financial officer Shaun Mccabe and £20m for co-founder Carol Kane.

Previously, Boohoo bosses had to grow the business to £6bn before receiving the full payout.

Boohoo shares fell significantly since their peak during the pandemic and dropped 1.34pc yesterday.