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Nicely summarised Trader258.
Inferno, I had thought along the same lines as you as to Boohoo giving just a couple of updates to stem the negativity, but i'm now thinking that the strategy to get everything out in one foul swoop maybe better as any negativity will be offset by the numbers!
Trader258 - Don't forget Boohoo saying they will build the 'model UK factory' to set the standard.
Also, a lot more buys around 315 than there are are sells up to 320 in the order book.
I am taking the fact that we are getting users on this forum that are regularly commenting that haven't been here for the last couple of months as a good sign of things to come.
I agree with Jimmy. They immediately responded to the initial Times allegations and quickly set up their own independent enquiry. To do so, to me, they have nothing to hide. In my opinion the enquiry may find a few faults and Boo will quickly instigate mitigation. The Times and Guardian articles were a blatant attack on the Company. As well as responding to the news they requested Patel to work alongside the Company to rectify the problems in the industry. I believe that they haven't responded further as they don't want to get involved in a slanging match with the press...they are also a huge investor in the UK garment industry and while they have a responsibility to ensure that their suppliers meet their own standards and guidelines I would say it is impossible to audit every one of their suppliers regularly enough to ensure they are meeting those standards (all of the time). Before my retirement I was an auditor of medical equipment, Pharmaceutical and food manufacturers supplying to the Company I worked for ....one of the largest Companies in the world... and a visit every two or three years was the norm......and reviewing documentation was a big part of that audit.....but impossible to monitor the Company actions on a day to day basis..
Hi Inferno,
No offence taken- its good,as you say, to share differing opinions trying to avoid the bias a potential big holding/short.
Ultimately the allegations were bad news, initially very bad news. However, the initial Sunday Times had their own f*ck ups. They cited a company involved that had ceased for x amount of years.
A few days later the FT had a promising article rubbishing the reports stating the NCA had found no wrongdoing or anything to support the modern slavery claims- fine.
In terms of their reaction:
1- thanked the Sunday times for raising an issue they were otherwise, supposedly, oblivious to.
2- Made an open statement to say they have cut ties with the mentioned suppliers and any suppliers deemed to be below the standard expected, namely factory conditions and basic minimum wage- again
3- Set up an independent investigation- illustrates taking it seriously and allowing for due process. This included a public call for evidence
4- open letter to Priti Patel calling for a joint effort between industry and government & urged and endorsed the call for the gov to lisence garment factories.
5- (perhaps not linked to general PR) but 16th July huge director dealings- a massive boost to otherwise nervous investors.
6- update on the internal report
7- Findings to be released.
SO to summarise:
-acknowledged perhaps some wrongdoing (refreshing)
- actively terminated suppliers that did not adhere to their code of conduct (taking it seriously, proactive)
-set up an independent review (transparent)
-openly in contact with the GOV re the license scheme
The BOD can't really comment on the modern slavery aspect while the independent inquiry is going on as it looks like trying to influence the inquiry. The QC quite rightly won't want to give interim updates that may prove to be misleading once the full inquiry has finished. Unless the BOD are mandated to give an update due to the trading situation I think keeping quiet is a sensible thing to do. They probably take a longer term view than we do.
@Trader258, genuine question - what makes you hold a view that they have dealt with the allegations fantastically ? I don’t say that from a point of sarcasm, I hold a genuinally opposite view and I am interested to understand others as a mix of views is helpful and provides balanced insight
My rationale is that I think they have handled it quite poorly thus far. An initial denial followed with a Qc investigation and a single RNs setting out the terms of reference. Apart from that we have faced a wall of silence from the BOD, no updates, no response etc to a continued media onslaught Which has seen consistent attacks on the SP. for a company which has insisted no wrong doing they have hardly come out fighting instead opting for a high risk strategy of results and report on the same day - the epitome of eggs in one basket.
Sorry typo, 350+ certainly, skyrocket to 400?******
Hi all,
Been a while since i've been on this forum.
We all know the results will be stellar, personally, i expect Boohoo to outperform ASOS again (relative to size, year on year growth) for the 5th quarter in a row, but where do we see this going? 300+ certainly, skyrocket to 350? I suppose the caveat is the internal report re the allegations. These guys have, thus far, dealt with the allegations fantastically.