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Boohoo will be investigating all this Garydav2, you can be sure of that. It'll take a while to do this, so let them have their time to get their investigations completed.
Down 35% since last Thursday £4.04 to 2.61 that's some fall for this stock market darling. Its hard to gauge a fair price now but surely this is a harsh punishment already guys? They need to right the ship and fast and be fully open and transparent
Garydav2 - I think this is one rogue subcontracted supplier. If there were more, it would be out by now. It's not the market that determines the share price. It's the buyers and sellers. The more people who panic and sell the more the price will go down. This is what the likes of Shadowfall, the hedge fund shorter, Simon Cawkwell aka evil knievil another shorter, and the negative posters on here want too. Though none of them are honest enough to say so.
One improvement notice issued to a supplier is hardly worth a mention. Most large construction contractors get threatened with them every now and again and some blue chip clients, e.g get them issued against them by HSE but their sharprices are unaffected imv because these things happen to large organisations.
People power I admire your defense here but ultimately we wont decide sentiment / price the market will do that and the share price will follow accordingly. I'm a holder too and feel crap like most I suppose. Thought the mini recovery was on until the stories broke. It cant just be the one supplier can it? This things gathering momentum
Maybe, just maybe, the FT is right, again.
Just like Wirecard imo.
They knew the score in 2018.
https://www.ft.com/content/e427327e-5892-11e8-b8b2-d6ceb45fa9d0
occams - do that. I'm sure they'd love to hear from you.
It's not nonsense, and you don't know my agenda also I've posted on Boohoo previously.
So get your facts straight, maybe i'll contact the journalist from The Times and give him
a few pointers.
Garydav2 - looks like it wasn't a Boohoo supplier. Boohoo provided PPE and hand sanitisers to all their suppliers.
occams - what a load of nonsense. Well we know what your personal agenda is. One post on boohoo.
They can put whatever they want on their website, doesn't mean they adhere by it. A dress sells for £10, from their
accounts , 54% gross margin so cost is £4.60 per dress. I would say it is impossible to manufacture it for £4.60 if the
factories are paying the legal minimum wage. I would say 90% of the factories in Leicester don't pay all their staff the
minimum wage. Also these factories employ machinists that work at home on 'piece work' paying peanuts for the work.
The Kamani family have been involved in the rag trade for over 40 years, they know exactly what is going on these factories.
A good investigative journalist would have a field day writing about their history in the rag trade.
If they are fully exposed no fund manager would touch these shares ever.
Garydav2 - one improvement notice to one factory in Leicester from the Health and Safety Executive (HSE). One.
The Notice was for Covid 19 violations with regards PPE and sanitiser I hasten to add
https://www.fool.co.uk/investing/2020/07/07/boohoo-share-price-crash-is-this-now-a-must-buy/
Click on this link, read and learn. This is one rogue subcontracted supplier. For me, this was a concerted effort by the likes of Shadowfall who have a big short on Boohoo to drive the share price down.
It is criminal fraud to purposely drive a share price down and the NCA need to be investigating Shadowfall and anyone who helped them in this.
I read in the Daily Mail that the HSE had issued an Improvement Notice to one Leicester supplier not clear if it was connected to Boohoo though although under that Story Headline. Unfortunately BOO are in a **** storm here and we need clarity quick smart to arrest this
PP - to be fair to you, it is being lightly reported that the police, NCA etc have been visiting premises in Leicester and as yet have found no illegality. But i just don't believe it is one rogue supplier. In addition in the current climate being associated with the word "slavery" whether it is fair or not is just toxic.
MJChase - Boohoo are investigating now. The Police and HSE have already been out at factories in Leicester and found nothing illegal at all.
Great so that's the modern day slavery statement issue out the way , so ethically they just made the mistake of not checking the supplier (based in the UK) to see if they comply. I'm still reserved to that fact an investigation is still outstanding and until that is complete there is still risk.
There is no evidence that Shadowfall fave an extant short. If you know otherwise where is bit logged.
PP - I feel like this is the same conversation as yesterday. You seem to be convinced that there is just one rogue supplier/subcontractor when even Boo themselves are not saying that, they don't appear to know whether there are others. Just because they have a strict code of conduct doesn't mean it is followed. If there is just one rogue and it is a completely isolated case and the ST got "lucky" in finding the one rogue supplier then happy days but i just don't think that is likely.
For what it is worth I am sure Next and (particularly) Asos could easily be selling items that were not manufactured to high ethical standards as well.
I'm not saying these companies are without sin , they should of also ensured that Boohoo complied with modern day slavery laws which may of triggered boohoo to ensure it was in the contract of its suppliers. My point is boohoo are now in the firing line. I agree they should not be demonised but unfortunately they sell to the public , public opinion matters and the reputation is damaged and it will be cost them
Note that Asos have among their suppliers Cambodia and China. No need to check up on them!!!!!!!!!!
https://www.boohooplc.com/sites/boohoo-corp/files/all-documents/boohoo-code-of-conduct-1.pdf
The supplier code of conduct is visible on their website MJChase. Click on the link above, read and learn the truth about Boohoo.
Next, ASOS and Zalando who contract their work to China, India, Bangladesh, Turkey so they can make more profit. Do you think they oversee these factories?
They're jumping on the bandwagon to make money for themselves.
Boohoo contract 40% of their work in the UK and should be congratulated for this and not demonised for one rogue subcontracted supplier. The majority of those who manufacture clothes for Boohoo in the UK are good, honest people. This was one rogue subcontracted supplier.
I'm well researched thanks , and as you have seen from my posts and I have said it is difficult to fathom why they just simply did not shore up evidence that they have asked their suppliers if they comply with modern day slavery laws. They have not they have produced a statement saying they have a "supplier code of conduct" and because that is not visible how did they align that to the LAW. They may well put better procedures in place in the future and I hope they do , the point is that right now there are a lot of investors losing money, which at present looks like management malpractice , the short term prospects after losing huge retailers is poor and long term is risky.