UK Supplier List and Sustainability Strategy
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FOR IMMEDIATE RELEASE |
25 March 2021 |
boohoo group plc
("boohoo" or "the Group")
Publication of UK Supplier List and Sustainability Strategy
boohoo is pleased to announce today the publication of its UK supplier list, meeting its transparency pledge to publish it within six months of the Independent Review produced by Alison Levitt QC (the "Independent Review").
The Group's consolidated UK supply chain list is the result of extensive mapping and auditing work, introducing changes to the way it works with its suppliers in order to create stronger partnerships and more sustainable business practices. The Group has been working with independent auditors Verisio and Bureau Veritas to carry out unannounced visits to suppliers and over the last eight months the majority of suppliers have been audited twice. Suppliers will continue to have their operations and standards monitored frequently to drive long-term positive change.
Alongside this, boohoo is pleased to announce the launch of its new Sustainability Strategy; UP.FRONT Fashion Ready for the Future. UP.FRONT establishes bold targets against priority issues in three key areas; smarter manufacturing of clothes; better terms for suppliers; and action in responsible business practices to reduce our carbon footprint.
Sir Brian Leveson PC, who is providing independent oversight of the Agenda for Change programme, has submitted his second report to the Board and, in line with the Group's ongoing commitment to transparency, this has today been published on the Group's website. Sir Brian notes that the depth and detail of supplier audits have dramatically changed the way the industry is run in Leicester and the determination of boohoo to embed a new way of working which, despite a number of acquisitions in recent months, remains its top priority.
The Group will provide a further update on its Sustainability Strategy at its full year results on 5 May 2021, with the publication of its Sustainability Report to follow alongside its Annual Report and Accounts in May 2021. boohoo intends to publish its global supplier list by 25 September 2021.
John Lyttle, CEO, commented:
"This is the not the end of a project for us at boohoo but the beginning of a new way of working with our suppliers. We are driving positive change in the industry and want to play our part in rebuilding a vibrant manufacturing base in Leicester, one that offers good employment and great prospects for the workers and the industry in Leicester as a whole.
The publication of our UK Supply Chain List marks another step on our journey towards greater transparency and embedding positive change, not only in our own organisation, but through the wider network of businesses that make up our supply chain. Through our Sustainability Strategy we are committing to ambitious targets across production, supply and governance to ensure the business is ready for the future."
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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)11 8328 7068 |
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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 an online marketplace through a new capital light and low risk operating model. In February 2021, the Group acquired the intellectual property assets of UK brands Burton, Dorothy Perkins and Wallis.
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