(Bloomberg) -- Online fashion retailer Boohoo Group Plc scrapped a lucrative bonus plan for executives amid reports of a shareholder backlash following ballooning losses.

Executive directors at the fast-fashion outlet also waived their bonus entitlements for the year ended February 2024, following discussions with certain shareholders, the company said Tuesday.

The U-turn comes after large shareholders criticized a plan to offer Boohoo’s Chief Executive Officer John Lyttle and co-founders Mahmud Kamani and Carol Kane £1 million ($1.3 million) each in bonuses, according to a report by The Times newspaper on Monday. 

The group, which also owns UK brands Debenhams and Karen Millen, has suffered a string of losses in recent years. The Boohoo brand has also weathered a supply chain scandal and intense competition from Chinese rival Shein. 

Shares in Boohoo have tumbled more than 90% from their high in June 2020, when locked-down consumers drove an e-commerce boom. 

The company reported a pretax loss of £160 million for the last financial year, wider than the £91 million loss the year before.

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