Boohoo boss takes home £650,000 bonus despite retailer sinking into a loss

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The boss of fast-fashion firm Boohoo has been handed a more than £650,000 bonus despite the company plunging into a loss and seeing its share price lose nearly half its value in a year. Boohoo’s owner, Mahmud Kamani, who co-founded the firm in 2006 and is estimated to be worth around £675 million, also enjoyed an annual bonus worth 100% of his salary. In March, shareholders narrowly approved a new bumper incentive deal which could see Mr Lyttle earn a £50 million bonus over the next five years provided he led a significant turnaround in Boohoo’s share price. However, Boohoo said it “considered at great length” the group’s financial performance and “determined that they were not reflective of the overall performance of the management team during the financial year.” It added: “The committee recognises the strong performance of management and successful execution of the cost reduction programme at a pivotal time for the business, which provides a platform for future growth.” The group had been looking to cut costs through focusing on efficiencies, including automating its warehouses and sourcing goods from Europe rather than Asia.