Boohoo defends £50 million boss bonanza

Boohoo co-founder and joint chief executive Carol Kane on Wednesday defended the potential £50 million bonus pencilled in for incoming boss John Lyttle, as the fast-fashion retailer impressed the City again.

Kane, who set up the company with Mahmud Kamani in 2006, said the bonanza was justified, if Boohoo’s shares rise by 180% over the next five years.

She added: “We needed to bring in a big hire to move the business forward. [Kamani and I] remain in the business, we’re not going anywhere.”

Boohoo poached Lyttle, who joins in March, from Primark.

The company, which also owns PrettyLittleThing and Nasty Gal, lifted sales targets, sending shares 17.4p, or 9%, up at 209p.

Revenues jumped 50% to £395.3 million for the six months to August 31 with pre-tax profits of £24.7 million, rising by 21%.