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Loveapoundnote - your user name says it all. Joined here on 3 July 2020, yes two days ago, and has written about 50 posts since then on Boohoo to panic holders into selling so he can buy their shares back on the cheap. Check him out. Check out his posts. Tells you everything you need to know.
Loveapoundnote - and you know everything with how many posts on here.
ZZtp - it's not down to the city. It is buyers and sellers who determine whether a share price goes up or down. You're back on here again trying to get investors to panic and sell so you can buy their shares on the cheap.
It is a monumental PR disaster.
Which is why I said long term it will recover. But short term the teenage girls will all express their outrage by buying elsewhere.
Monday however will be a share price bloodbath no matter what you say on here.
Your understanding of how business and the stock market works seems very poor. Or are you just trying to mislead people into thinking that everything will be ok on Monday?
Now you're trying to change tack Loveapoundnote. You'll try anything to get the share price down so you can buy them on the cheap.
You obviously didn't even read that in full Loveapoundnote because if you had then you'd have read this bit in it:-
But try telling a teenager that there'll be no more Nasty Gal jumpsuits or Pretty Little Thing beer garden outfits? Because the sad truth is that while we publicly like to display our outrage, privately it remains pretty much business as usual.
Research, research, research. You'll be amazed at what you learn. Stop the scaremongering.
People need to take advantage of the volatility and the fall that will happen on Monday to buy more shares and increase their holdings.
but as I keep saying long term the share price will recover.
"Let this be a warning to those who are exploiting people in sweatshops like these for their own commercial gain. This is just the start. What you are doing is illegal, it will not be tolerated and we are coming after you."
Up until this moment, the unsavory face of fast fashion had been epitomised by the dreadful disaster at Rana Plaza when the factory collapsed in April 2013, killing 1,134 workers. However, it seems that Boohoo and the factories in Leicester which supply them, are now rapidly assuming that mantle.
However, Boohoo has form in this regard. Back in 2017, Channel Four Dispatches found that workers in a Boohoo factory were given "strikes" for such as smiling or checking their mobile phones.
And according to The Daily Mail, in October 2018, Boohoo were named and shamed in Parliament for producing £5 dresses which one expert warned would be of such low quality, charity shops would snub them.
But try telling a teenager that there'll be no more Nasty Gal jumpsuits or Pretty Little Thing beer garden outfits? Because the sad truth is that while we publicly like to display our outrage, privately it remains pretty much business as usual.
Marks and Spencer may have a market capitalisation of "only" £1.9 billion, half that of Boohoo, however, if you had to pick one which will still be around by the time we see out this decade, which one would you choose?
https://www.forbes.com/sites/andrewbusby/2020/07/05/with-allegations-of-slavery-and-unsafe-working-conditions-is-boohoo-the-unacceptable-face-of-fast-fashion/#36ed55216e9d
This is just a small part of the PR damage that has been caused to Boohoo this weekend.
Monday will be a bloodbath.
Forbes says: With Allegations Of Slavery And Unsafe Working Conditions, Is Boohoo The Unacceptable Face Of Fast Fashion?
Boohoo, owner of brands such as Pretty Little Thing and Nasty Girl has found itself embroiled in yet more controversy with claims that it is paying workers as little as £3.50 an hour according to an undercover Sunday Times investigation.
And this comes just days after it was revealed that a likely source of the increase in COVID-19 in the Leicester area, leading to a full lockdown being imposed last week, is from the garment factories in the City. It is thought that up to 75% to 80% of the garments made in Leicester factories are destined for Boohoo.
Even before these revelations, investors were revolting against a planned remuneration package which would see its leadership team net a total of £150 million between them if the market capitalisation of Boohoo reached £6 billion. It currently stands at £4.9 billion, more than double that of Marks and Spencer.
It is hard not to admire Boohoo in some ways, for theirs has been a stellar rise, fuelled by supreme agility and total commitment to engaging with their customers. They understand the power of social media better than most and they know what their customers want. Fast, affordable, in the moment fashion.
And that agility is paying off, last month's Q1 trading statement showing a 45% increase in group revenue for the three months to May 31, remarkable given that this was when we were all in lockdown and not able to go out.
But what Boohoo did so expertly was to pivot from the Saturday night out Instagrammable outfit, to the sofa gear. And they did this with lightening speed.
Fast Fashion Comes At A Price
And of course, they rely on their customers not quite bothering to trouble their collective conscience with where and especially how, their new clothes are manufactured. Let's face it, how many of us take the trouble to check the label to see where our clothes have been made and find out about the working conditions before we purchase? Thought not.
Because affordability and speed to market are key, and in any case, what could possibly be wrong with buying British? Well, it now appears the answer is, plenty.
According to a Sunday Times undercover reporter, the same factory supplying the Nasty Gal brand, which paid their workers £3.50 an hour (minimum wage in the U.K. is £8.72 per hour for those over the age of 25) was also still operating during the coronavirus lockdown in Leicester last week.
And it seems that this has cut through. Only last week, the home secretary, Priti Patel, asked the National Crime Agency (NCA) to investigate claims of modern slavery in Leicester's clothing factories, describing the allegations as "truly appalling". Adding that, "I will not tolerate sick criminals forcing innocent people into slave labor and a life of exploitation.
The boohoo group categorically does not tolerate any incidence of non-compliance especially in relation to the treatment of workers within our supply chain and we have terminated relationships with suppliers where evidence of non-compliance with our strict code of conduct is found. It may surprise people to know that we applaud any examination of practices in supply chains, because we share similar aims: that everyone employed is fairly treated and properly remunerated for the work that they do.
Loveapoundnote - hence why you're desperately trying to get investors to panic and sell so you can buy their shares on the cheap to make money out of them.
Long term Bohoo will be fine but all this horrendous negative publicity will be terrible for the share price on Monday. Don't let the rampers tell you any different.