Boohoo’s chief executive has quit as the fast-fashion retailer kicked off a review of its brands, paving the way for it to break off parts of the business. John Lyttle will step down after five years at the helm but will remain with the business over the coming months until a successor is found.

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