Member Info for ragtrade

They already do tons from India, Pstan, Bdesh, expect more and more from India in anticipation of UK trade deal giving 10% duty saving, generally UK fashion industry is reducing from China.

catchy50- Blimey & cheers, i wasn't aware of that old chestnut, considering their roots Board should no better, qtys still challenging, a lot of old relationships being tested as they are bending over backwards with orders that are little and often at tiny margins, impossible to get any productivity on the line when qtys so small, i guess end of day if it is all about getting through this period then i get it, fortunately we don't do massive business but my shares total 36.5k at various points so if it helps the bottom line then we have to be cap in hand grateful !!

I meant to post this last week, not sure if this has been picked up on here or by papers (why would it because its a positive BH story !!!!) i don't have time to trawl through the pages so apologies if it is common knowledge.
@Drapers#Alys Keys.
Boohoo becomes first UK retailer to gain Pride 365 certification.
he certification applies to the company’s five Manchester based brands, Boohoo, BoohooMan, PLT, Nasty Gal, and MissPap.
Pride 365 certification means a company recognises their commitment to building a "truly inclusive workforce and striving to be better every single day". Companies it partners with commit to "yearly incremental improvement for the sake of inclusion".
It has previously awarded certification to the likes of hotel company Hilton and car maker Nissan, but Boohoo is the first retail business to join the ranks. Boohoo chief executive John Lyttle said: "We’re very proud that our efforts to create a great work environment, means that we are the only retailer to have earned this accreditation but of course we’re keen to do more." Siobhan Forey, chief people officer at Boohoo Group said: "Our amazingly talented teams are constantly innovating, problem solving and trend setting to bring to life the products our customers want.
"That’s why it’s so important that our teams reflect the diversity of the people we serve across the globe. Recruiting people from different backgrounds and with different points of view makes us a stronger business and able to deliver outstanding growth.”

Just to add what's already been said on here, extending credit terms puts BH in line with some in the industry , i hasten to add not all, Next, River Island are both 30 days net, not sure what M&S are but many others are 30 days, Asos 60 days (used to be 30, then 45, now 60) Arcadia , New Look, Debs all started off at 7 days for big discount this was before most of these companies became really stressed and moved to 120 days, Debs private equ investors then started the smash and grabs with retrospective discounts that many have emulated, at least BH have veered away from this. As a rule of thumb anything beyond 90 days is a p##s take and we avoid, of course if you can obtain then you can use factoring but it is not cheap and rates rising, cr#p suppliers don't have choice to pick and choose whom they supply and many just grateful for the biz but the good ones that you want are far more cautious, the bad debt of the collapses of many retailers over the last few years has meant many suppliers refuse to be dictated to. It is a bit of a default to extend terms, if the garden is rosy then don;t p#ss suppliers off as they will just add in and reduce their exposure, one positive is that BH have not felt need to add grab a retro discount or even add it in going forward, i guess if stock is taking longer to sell it's a obvious move.

Just received, sorry to say, never a good sign.

As the business grows, we continue to review our ways of working. As a trusted partner of the boohoo group, we appreciate your support in adapting to new processes and procedures. We want to make you aware of a change to our payment terms that will take effect from 1 December 2022. As we align our terms to reflect the broader retail industry standard, we have worked hard to ensure our terms will remain competitive.
The new terms are as follows:
FOB/EX-WORKS/FCA Suppliers who drop goods to our nominated consolidation centre and/or have goods collected from their factory, payment date will be 75 days from goods handover date.

At boohoo group we are committed to building and maintaining strong commercial relationships and therefore in due course we plan to make available an early payment process.
Suppliers who are interested in receiving early payment will be able to apply to access a supply chain discount finance model. More detail to follow.

RKB -New and very pertinent

The fickle market of ESG.

https://www.reuters.com/business/cop/money-before-climate-market-downturn-spurs-esg-fund-exodus-2022-11-11/

https://www.joulesgroup.com/investors/shareholder-centre/key-shareholders/

Toms also gonna be hurting in more ways than one.

KBYK i saw this a few weeks back and was shocked, all the major players on sidelines, given current climate were never going to step in, they have all been in the waiting room sitting patiently to get to this point, why why why a second hand car dealer pumps in all this money given the fact that Next walked away i'm dumb founded, hopefully he bailed last week.

Wouldn't surprise me if Next or M&S are successful that TJ is bought back in as an advisor, sadly this of course won't help shareholders but at least it will give security to workers.

Bushy someone will def step in, Wolfson favourite, going to be some more job losses but i think it can comeback given the right guidance which Next or poss M&S can give it, there is management in both of these companies that have a personal vested interest in Joules rising from the ashes.

Whats happened here is a cliche im afraid, seen it time and time again, founder sells out to rapturous applause and then the rot of over expansion and saddling the come witb debt sets in, this is fine in good times but once things tighten these lifestyle brands really struggle. Sorry for all shsre holders , im sure Wolfson, Ashley will not battle it out perhaps M&S, with Next & M&S alot of staff have crossed over in past especially Next. I hope for Market Harboroughs sake that someone steps , whole thing needs stripping right back and buying inventory and sourcing needs to be dragged into the real world.

Interesting, the fickle market of ESG.

https://www.reuters.com/business/cop/money-before-climate-market-downturn-spurs-esg-fund-exodus-2022-11-11/

DC2007, wow, sounds like the markets are in need of your help and a reality check from you as to the actual situation past, present and future as they are clearly clueless.

Forecaster-Great post, i concur, the lessons being learnt for the survivors of last two years are invaluable.

T4G yep the pressure will continue to build on Shein on all fronts.

I've commented in-depth on BH thread re this also given my pennies worth re Asos and compliance on same message on there.

@Drapers#Bella
https://www.drapersonline.com/news/freight-rates-driven-down-to-pre-pandemic-levels

So this will gather pace, like Brands are outed for being unethical so will influencers and in the ficial world of fashion to become a ethical influencer will become Fashionable, lol, lol.

Georgia Toffolo, ooooooh, someone with a conscience, that's 1.7 mill followers who will see the message.
https://www.dailymail.co.uk/tvshowbiz/article-11377855/Georgia-Toffolo-cuts-contract-Shein-branded-exploitative-charities.html

Not sure if anyone on here actually u/s the checks and balances in this country for the Fashion Trade, in particular PLC's.
Take a minute to compare Shein Corp Social Responsibility v that of Asos and BH, both of these companies (I admit BH were late to the party on this!) scrutinise Factories within an inch of there life on 3 separate Tiers, Tier 1 being Factory, Tier 2 being Wash Houses, fabric printers etc, Tier 3 being fabric suppliers etc, Fty inspections are carried out every year by independent inspection agencies, penalties for non compliance can be severe depending on the form of the non compliance, this includes being struck off and fines of £5k to £40k, in addition to the annual inspection you will also be subject to unannounced visits (note plural) by these agencies. This is just production i could take up pages and pages on here re sustainability, suffice to say that a well meaning Asos has now dropped using some recycled fabrics and flagging them because if they are not 100% accurate which is hard to do on 1000's and 1000's of sku's , eg you may have a garment that's flagged recycled but content is 25% however when customer facing GRS state in fact 50% is required, so just because your are 25% you are greenwashing, they will then be dragged over hot coals by the CMA, it's totally counter productive, better not to do anything and not shout out about anything , Asos have been at the forefront of addressing sustainability, CMA are pi##ing on their bonfire. Which brings us to Shein a Chinese Company , lol, lol, lol, not accountable to anyone but themselves on production let alone 50% min recycled that we scrutinise companies within an inch of their public relations life, i think any UK influencers on Shein need to take a good look in the mirror and if they have a shred of moral decency they should walk away, some already are.
https://inews.co.uk/news/consumer/shein-influencer-fast-fashion-brand-horrendous-workers-conditions-1921022

If you can put all above to one side, which is big if, Shein quality, deliveries and returns are beyond sh~t.