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BOO Boohoo Group Plc

35.96
-0.04 (-0.11%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Boohoo Group Plc LSE:BOO London Ordinary Share JE00BG6L7297 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.04 -0.11% 35.96 35.98 36.18 36.50 35.11 35.38 3,957,691 16:29:46
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Womens Hosiery, Except Socks 1.77B -75.6M -0.0596 -6.03 456.13M

boohoo group plc Response to media commentary (0822H)

30/07/2021 11:02am

UK Regulatory


Boohoo (LSE:BOO)
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TIDMBOO

RNS Number : 0822H

boohoo group plc

30 July 2021

For Immediate release 30 July 2021

boohoo group plc - Response to media commentary

("boohoo" or "the Group")

boohoo is committed to the highest standards of ethical compliance within its supply chain. Suppliers are wholly expected to adhere to these standards, and any concerns such as those raised by Sky News are immediately investigated.

Since last year's Independent Review, the Group has repeatedly stated its determination in rebuilding a garment industry in Leicester with a robust, fair and transparent supply chain. Suppliers are visited more frequently, sub-contracting has been removed, products can only be purchased from our approved supplier list; mandatory whistle-blower helplines have been installed at every supplier; and the use of technology is allowing the Group to forensically monitor suppliers and their financial records.

Over the course of the next twelve months, we are transitioning all of our suppliers to the Fast Forward forensic auditing model, widely recognised as the leading auditing model in the UK. We continue to work closely with local authorities such as the GLAA, as well as anti-slavery charity Hope for Justice who have stated:

"Boohoo have been proactive in their measures to mitigate the risk of labour exploitation within their supply chains, and have made a strong commitment to tackling the unscrupulous and exploitative employment practices that still sadly exist within some suppliers to the garment industry. We welcome Boohoo's work with Fashion Enter and the new textile academy in Leicester, as well as their collaboration with Hope for Justice and our business-focused division Slave-Free Alliance on proposed awareness and prevention initiatives in the industry to better evaluate what intervention methods will be most effective."

John Lyttle, Group CEO, commented:

"As a group, we are wholly confident that the significant steps that we have taken over the last twelve months are resulting in a fair, robust and transparent supply chain. The Group continues to closely monitor its suppliers, with swift action taken against any suppliers who fail to demonstrate the high standards that we expect. Nobody has done more to drive change in Leicester than ourselves, and our work continues unabated."

 
 Enquiries 
 boohoo group plc 
 Neil Catto, Chief Financial Officer            Tel: +44 (0)161 233 
                                                 2050 
 Alistair Davies, Investor Relations            Tel: +44 (0)161 233 
                                                 2050 
 Clara Melia, Investor Relations                Tel: +44 (0)20 3289 
                                                 5520 
 Mark Mochalski, Investor Relations             Tel: +44 (0)20 3239 
                                                 6289 
 
 Zeus Capital - Nominated adviser and 
  joint broker 
 Nick Cowles/Andrew Jones (Corporate Finance)   Tel: +44 (0)161 831 
                                                 1512 
 John Goold/Benjamin Robertson (Corporate       Tel: +44 (0)20 3829 
  Broking)                                       5000 
 
 Jefferies - Joint broker 
 Philip Noblet/Max Jones                        Tel: +44 (0)20 7029 
                                                 8000 
 
 Buchanan - Financial PR adviser                boohoo@buchanan.uk.com 
 Richard Oldworth / Kim Looringh-van Beeck      Tel: +44 (0)20 7466 
  / Toto Berger / Sophie Wills                   5000 
 

About boohoo group plc

"Leading the fashion eCommerce market"

Founded in Manchester in 2006, boohoo is an inclusive and innovative global brand targeting young, value-orientated customers, pushing boundaries to bring its customers up-to-date and inspirational fashion, 24/7.

In 2017, the group extended its customer offering through the acquisitions of the vibrant fashion brand PrettyLittleThing and free-thinking brand Nasty Gal. In March 2019, the group acquired the MissPap brand, in August 2019 the Karen Millen and Coast brands and in June 2020 the Warehouse and Oasis brands, all complementary to the group's scalable, multi-brand platform. In January 2021, the group acquired the intellectual property assets of Debenhams, with the goal of transforming a leading UK fashion and beauty retailer into a digital department store and marketplace through a new capital-light and low-risk operating model. In February 2021, the group acquired the intellectual property assets of UK brands Dorothy Perkins, Wallis and Burton. As at 28 February 2021, the boohoo group had 18 million active customers across all its brands around the world.

Cautionary Statement

Certain statements included or incorporated by reference within this announcement may constitute "forward-looking statements" in respect of the group's operations, performance, prospects and/or financial condition. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words and words of similar meaning as "anticipates", "aims", "due", "could", "may", "will", "should", "expects", "believes", "intends", "plans", "potential", "targets", "goal" or "estimates". By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions and actual results or events may differ materially from those expressed or implied by those statements. Accordingly, no assurance can be given that any particular expectation will be met and reliance should not be placed on any forward-looking statement. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. No responsibility or obligation is accepted to update or revise any forward-looking statement resulting from new information, future events or otherwise. Nothing in this announcement should be construed as a profit forecast. This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase any shares or other securities in the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding the shares or other securities of the Company. Past performance cannot be relied upon as a guide to future performance and persons needing advice should consult an independent financial adviser. Statements in this announcement reflect the knowledge and information available at the time of its preparation. Liability arising from anything in this announcement shall be governed by English law. Nothing in this announcement shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

RSPFLFIIDIIIVIL

(END) Dow Jones Newswires

July 30, 2021 06:02 ET (10:02 GMT)

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