Mike Ashley has lost his bid to become a board member of fast-fashion giant Boohoo, which his Frasers Group is the largest shareholder.
More than 63 per cent of votes were cast against the appointment of the billionaire at a general meeting in Manchester.
Almost the same number of votes were also cast against Michael Lennon also taking up a board seat.
In a statement issued following the meeting, new Boohoo chief executive Dan Finley said: “Our group is a dynamic business, with great brands and extremely talented people, underpinned by best-in-class infrastructure.
“Since my appointment, I have hit the ground running, taking immediate and decisive actions to maximise and unlock value for all shareholders.
“I am super energised to realise the significant opportunities I see for this business. I continue to believe this group is materially undervalued. Our most important work is ahead of us, and we will drive value for all shareholders.”
Chairman Tim Morris added: “I would like to thank our shareholders for their support of the board.
“We remain focused on delivery of our business review with the objection of unlocking and maximising value for all shareholders.”
Mike Ashley, Michael Lennon or Frasers Group have yet responded to the results of the votes.
The retail empire and its billionaire majority shareholder have been locked in a public war of words in recent months which also involved who would become the new CEO of Boohoo following the departure of John Lyttle.
Frasers Group, which includes the likes of House of Fraser and Sports Direct, is the largest single shareholder in Manchester-headquartered Boohoo with a 25 per cent stake.