Update on Agenda for Change
15 June 2021
boohoo group plc - Update on Agenda for Change
("boohoo" or "the Group")
In line with its commitment to increased transparency, the Group is pleased to provide the following update which coincides with the publication of a further progress report from Sir Brian Leveson on the Group's Agenda for Change programme.
Highlights
· The Group continues to make excellent progress on the Agenda for Change programme
· In line with the commitments published in September 2020, the Group published in March its full UK manufacturing list with a commitment to publish its global supplier list in September of this year, and continues to review its entire manufacturing supplier base
· Launching a new sustainability strategy, UP.FRONT, a no-nonsense, set of measurable targets focussed on Clothes made smarter, Suppliers on better terms and Our Business taking action
· The Group is an active member of WRAP's Textiles 2030 initiative, sitting alongside other leaders in our industry
· Joined the Fast Forward forensic auditing model, a sector leading auditing programme in the UK, which the Group will transition to over the next twelve months
This is the third such report that charts the Group's progress against delivery of the recommendations from last summer's Independent Review, Sir Brian states: "The Responsible Sourcing and Ethical Trade teams are now focussed on continuous assessment of its UK manufacturing base and is demonstrating a degree of due diligence which may well go beyond that which is undertaken by other retailers or in other industries."
Sir Brian, also goes on to say:
· "In my numerous discussions with…directors and managers at boohoo, I remain encouraged by the determination of all to address the issues which were exposed last year and to both promote and embed a new way of working to the highest ethical standards."
· "The Group has demonstrated that it has taken the recommendations of the Review extremely seriously and has expanded its determination to develop and demonstrate a 'gold standard' in relation to the supply chain to all aspects of ethical, transparent and sustainable business practice."
· "All those to whom I have spoken have demonstrated real enthusiasm for the Agenda for Change and pride in what it seeks to achieve. The progress and commitment are evident and has been the subject of positive comment from a number of those interested and engaged in the problems that Leicester has evidenced."
All of Sir Brian's reports have been published in full on the Group's PLC site www.boohooplc.com
Mahmud Kamani and Carol Kane, Group Co-Founders, commented:
"We are extremely proud of the incredible amount of change our teams have delivered, with the Group making exceptional progress over the last 11 months in developing a robust, fair and transparent supply chain, which is recognised in Sir Brian's latest report. As a group we are on track to meet all of the commitments that we set out last year and we remain committed to setting the bar, to drive measurable and sustainable change."
|
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 Broking) |
Tel: +44 (0)20 3829 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 / 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.
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.
Latest directors dealings
- 12 hours ago Johnson Matthey
- 13 hours ago Galliford Try
- 13 hours ago Galliford Try
- 13 hours ago Centrica
- 14 hours ago Smith & Nephew