Boohoo CEO steps down and begins strategic review which could see break up of the company

Fast-fashion company also owns the Debenhams, Karen Millen and PrettyLittleThing brands

Earlier this year, Boohoo had to scrap a lucrative bonus plan amid reports of a shareholder backlash following ballooning losses.

Boohoo Group's chief executive officer John Lyttle is stepping down as the struggling online retailer begins a strategic review that could potentially lead to a breakup of the company.

The British fast-fashion company said it believes Boohoo, which also owns the Debenhams, Karen Millen and PrettyLittleThing brands, is “fundamentally undervalued” and there is potential to “unlock value” for shareholders.