boohoo has rebranded the firm to Debenhams Group after the department store business was acquired out of administration by the online fashion retailer in 2021.

The group said it had repositioned the heritage brand, in a move that is "underpinned by a new marketplace led business model".

Since its shift to being an online retailer, boohoo said that Debenhams is a "fast-growing and highly profitable" firm, generating gross merchandise value (GMV) of £654m.

Debenhams, which owns labels including Wallis, Burton, Coast and Dorothy Perkins, will now be led by its new group chief executive officer, Dan Finley, who has provided the "blueprint for the wider turnaround of the group".

The move comes after boohoo’s youth brands, such as boohoo, PrettyLittleThing and MAN, have struggled in recent years, leading to the firm to take a £40m writedown on surplus stock.

It has also closed its US warehouse, sold its London office and has made 200 redundancies at its head office in Manchester.

Finley said that it "will take time" to turn these brands around, but the firm remains "excited about the potential" of the labels.

The firm has also appointed Phil Ellis as group chief financial officer, promoting him from his current position of finance director at Debenhams and managing director at DebenhamsPay+.

Finley stated: "We've created a thriving community of brand partners with millions of consumers and we are growing rapidly. The most exciting thing is that we are just getting started. We see a clear path to scaling this into a multi-billion-pound GMV business with strong profitability.

"The successful turnaround of Debenhams is our blueprint for the wider turnaround of the group. The turnaround of our youth brands is underway and will take time. I have inherited significant challenges. I can see their future potential as they evolve into fashion-led marketplaces and adopt a leaner operating model.

"We go forward as Debenhams Group. This is a defining moment in our journey, reflective of our new strategy, new leadership and new beginnings."

Investment director at AJ Bell, Russ Mould, added: "While Debenhams hasn’t operated physical stores since 2021, the brand still resonates with the public. Its death as a physical retailer was down to falling profits and rising debts, together with a structural shift in people buying more goods online.

"Retailers are increasingly going down the multi-brand path to sell goods. Next operates a platform to sell and ship third party goods. Marks & Spencer has gone down a similar road and now sells products from more than 100 third-party brands. It’s all about giving shoppers choice. Rather than have to click through countless websites, you can do everything from one site.

"These developments mean that Debenhams has serious competition and its resurrection is still going to take hard work to sustain momentum."

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