boohoo group plc Response to media commentary (0822H)
30 July 2021 - 08:02PM
UK Regulatory
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.
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END
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