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So where does Nike stand today?
According to the ethical clothing advocacy group Good On You, Nike is certified under the Fair Labor Association Workplace Code of Conduct.
But a 2018 report by the Clean Clothes Campaign, found that Adidas and Nike still pay “poverty” wages to workers.
The report called on both Nike and Adidas to commit to paying "living" wages (the amount of income needed to provide a decent standard of living) to its workers.
With an annual revenue of over $US30 billion it should be able to afford it.
https://www.newidea.com.au/nike-sweatshops-the-truth-about-the-nike-factory-scandal
Reppyrr - it took Primark, which is owned by Associated British Foods, 18 months for its share price to come back from the bad press that hit it in 2008 about subcontracting labour to child workers in India.
Reppyr - it's not what Boohoo is claiming. It's what they are doing and have done.
Boohoo have gone well beyond what they need to do and they are continuing to do this.
You need to look at how long it took Primark and Nike to come back from bad press. It takes time. Shares take time and patience.
Time, patience and research are the greatest skills to learn when it comes to investing in shares.
130% capital expenditure offset against tax in the year the cash is spent will go along way to push garment manufacturing into the 21 century. The future is obviously more machinery and less people just like every other industry. I expect production techniques in these Leicester factories hasn't changed since the middle of the last century.
But no one seems to believe what Boo are claiming, I'm here only to try and make a few quid but after 9 months of holding I'm really believe that something isn't right with this company, every few weeks another negative press story, the slave story isnt going away and we have to accept that, what else is going to come out? Buying Debenhams and Burton seems a good move but image and reputations last for a long time. I'm not selling out yet as sincerely hope the SP will return to the £3.70/80 and them I'm out for good
pedro61 - and that's what Boohoo is doing. Boohoo is making sure all its suppliers pay their workers properly and treat their workers fairly.
Those are really deplorable figures to hear.It is a cesspit environment of exploitation that needs sorting out.This is the year 2021.
pedro61 - there were and are suppliers in Leicester who make a profit, pay their workers properly and treat their workers fairly. Something like a third of suppliers in Leicester do this.
pedro also posts on "take a break", Daily Mail on line and those other online websites where if you scroll down and find the comments box, there are usually some upstanding members of the community who like to share their opinion, irrespective of if said opinion adds value, has merit or is founded in any research.....
I do not apportion all the blame on Boo as that would be unfair.But blame should be apportioned on Boo,to what extent I do not really know.But the company knew the price levels that were viable for the suppliers as it does not take much working out.But the suppliers were in a bad position in that if they refused their company would go under.On the other hand Boo were making multi millions out of it.
pedro61 - I think it's too easy to blame Boohoo for everything. The suppliers were in the rag trade for years too.
So you blame the suppliers and think Boo are blameless?.After being in the Rag trade for years,do you think they really believed that the prices they were paying were viable for the suppliers?
pedro61, presumably any company benefiting from very advantageous cost price of goods for resale will be making extra profit and therefore paying a greater amount of corporation tax and VAT margin. Are you directing any of your concern to the various agencies funded from taxation that failed to make much impression on working conditions in Leicester over many years?
pedro61 - there is no evidence to prove or suggest that Boohoo benefitted in any way from these past mistakes. It looks to me like it was the suppliers themselves who benefitted from treating their workers badly.
Are you really saying that they did not benefit? And do you honestly deep down really believe that?
pedro61 - there is no evidence at all to prove or suggest that Boohoo benefitted from their mistakes. Boohoo have provided £10m for suppliers' workers.
You say they have learned a lesson and tried to put the mistakes right.Thats good if that is correct,but they have still benefitted hugely from those past mistakes.They have made many millions from past practices.When will the downtrodden and abused workers be recompensed for their suffering? Or does nobody really care as long as they have received their profits?
Re the efforts to date made by Boo vs others like Primark and Nike - In case you missed my earlier post, here is a useful article: https://www.thetwentiestrader.com/post/can-boohoo-shares-survive-a-potential-us-import-ban
pedro61 - there is no evidence so you can't be punished without evidence. This is how a just society works.
You clearly don't understand that this has happened in the past to other retailers like Primark and Nike. Many, many UK and worldwide retailers didn't do and don't do sufficient checks on their suppliers' workers.
Primark and Nike never did what Boohoo are doing to put it right. Boohoo should be congratulated for going well beyond what they needed to do to put it right.
You say maybe they did or maybe they didnt.If they did then they should be punished to deter others from the same practices,if we as a society care about these things.
pedro61 - maybe they did, maybe they didn't. The point is they're putting it right now. That's what matters. Investing in companies who are prepared to learn from their mistakes and go well beyond putting their mistakes right is a worthwhile investment.
Boo were paying ridiculously low prices that would have to lead to the situation of people being used andabused.They are a big company with years of being in the Rag trade.Do you suppose they really had no inkling of the economics of the situation?
pedro61 - read and research Boohoo to find out what they've done to help suppliers' workers.
Come on troll what poor souls