Billionaire Mike Ashley has made a formal request to become the CEO of Boohoo Group Plc, which is a significant development in his involvement with the struggling fast-fashion retailer.

Ashley, who is the leader of Frasers Group Plc, has publicly criticized Boohoo's board for neglecting its largest shareholder and has described the company's recent trading performance as "abysmal" in a letter released on Thursday.

This situation highlights the tensions between Ashley and Boohoo's management as he seeks to have an influence on the company's direction during challenging times in the retail sector.

The call for a change in leadership comes at a time when Boohoo is under scrutiny for its operational strategies and financial results.