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