British online fashion retailer said its CEO John Lyttle would step down as the group announced a review of strategic options for its various divisions to maximise shareholder value.

British fashion online retailer Boohoo Group has announced a £222m ($290m) debt financing agreement and plans for a strategic review of the business following the resignation of its CEO.

Boohoo's revenue fell 15 percent in the first half, with gross merchandise value down 7 percent against a challenging macroeconomic backdrop.

Boohoo Group’s CEO, John Lyttle, will step down amidst concerns over the company’s valuation, while he remains to oversee the transition. Lyttle, who has served for five years, emphasised his pride in leading Boohoo and expressed optimism for its future potential.

Review comes as Boohoo reported that first-half revenue had plunged to £620 million from £729 million at the same time last year

The online retailer begins a strategic review that could potentially lead to a breakup of the company.

Boohoo CEO John Lyttle to step down amid £222m debt refinancing and strategic review, as the company aims to maximise shareholder value.