Boohoo Group Plc has successfully raised £39.3 million ($49.8 million) in order to revitalize its struggling operations.
The British fast-fashion retailer has completed a share placing and subscription, with £6 million set aside for replacement through a retail offer, dependent on demand.
Boohoo is urging its investors to reject the proposal from billionaire Mike Ashley to join the board, indicating a clear stance against his influence in the company.
This fundraising effort comes as Boohoo aims to overcome challenges and improve its financial standing in a competitive market.