Member Info for ragtrade

@musclehead , don't dispute the past and its why these shares have quite rightly suffered but looking forward now not backwards.

Out this morning
Store workers at Next, the majority of whom are female, are seeking equal pay with the company's warehouse staff, who are mostly male and reportedly earn between £2 - £6 more per hour.

Law firm Leigh Day, which is representing the shop workers, has reportedly accused Next of destroying documents relating to the equal pay claim. As a result, it has warned the retailer could face a “strike-out order” under which it would lose the right to defend itself against any equal pay claims.

Next has said it has not destroyed any documents in breach of a tribunal order.

The tribunal on 12 January will decide what happened to the documents and whether Next should face a penalty.

Next has 250,000 staff across 500 stores in the UK and Ireland. If each eligible staff member joined the claim, it would be worth £200m in total.

A spokesperson for Next told Drapers: “Next has not destroyed documents in breach of a tribunal order and it believes that any assertion that it has, is based upon inaccurate information. Next is therefore confident that any application for a ‘Strike-Out-Order’ will not succeed, as it is meeting all of its obligations under the tribunal process. Next will continue to defend itself vigorously in this claim and it would be inappropriate to comment further at this stage, as it is an ongoing legal process”.

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@MH sorry that's simply not correct. BH is already sourcing 60 to 70% overseas. We as a company have fabric inventory on the floor, we are producing goods in 2 weeks ex fty, shipping 4 weeks, ok so it's 4 weeks longer but they already buy this way and virtually verything being mentioned is in the past, John Lyttle and Andrew Reaney went through the grinder with Primark over Rana Plaza , they are not school boys they are seasoned retail professionals who are putting the house in order.

@MH if only it was that simple, fabric makes up majority cost and cost of make is down to productivity of machinist. If the fabric is a remnant then cost is can be a low as 0.50p or less a metre, also these garments are often loss leaders to get customer on to purchase more expensive product, eg a cheap remnant skirt is matched as an outfit with a better margin top.

@musclehead what's the price of the fabric on your jumpsuit?

Many commentators have coined the phrase Fast Fashion. It has become a catch all term for brands like ours that provide affordable fashion to the masses and the £5 dress has become the poster child. This tag is often used negatively and is often used to symbolise everything that is wrong with the fashion industry. We would like to offer an alternative view:

We are proud to offer products that are on trend, at price points, which make them accessible. The £5 dress exemplifies how we aim to give our customers the products that they love and keep waste to a minimum.

Our goal is to use what we have as efficiently as possible, so when we get to the end of rolls of fabric, we use what is left to create beautiful, simple dresses.

Utilising end of roll fabric from previous garments, which might have otherwise gone to waste and simple design means that costs are kept to a minimum.

We would argue that this democratises fashion, ensuring that our products are in everyone’s reach, not just those with lots of disposable cash.

Efficient Business Model
Like many retailers in fashion, food and retailing we are able to offer products at low prices because, we know our customers really well, we have invested in an incredibly efficient supply chain, we are a pure play online retailer and we operate a high volume low margin model.

This is a highly efficient business model, meaning we keep unnecessary overheads to a minimum. We do not have an expensive bricks and mortar retail estate, we do not do costly TV advertising, and instead we use the wonder that is social media.

Test and Repeat
Whilst other retailers may order thousands of a garment, we may only order 10’s or 100’s and our efficient ‘test and repeat’ model means that we keep waste to an absolute minimum. We order a short run; we put it on our site if our customers love it we order more.

This and our innovative analytics means that unlike many traditional retailers we are not sat on thousands of pounds of stock that may or may not sell. All of this means that our overheads are much lower than a traditional bricks and mortar retailer, which allows us to keep our prices low.

Fixing the fashion industry
We know that there is a lot to fix in the fashion industry and we are keen, willing and actively taking part in finding and implementing solutions.

We want to operate a business that is fair to all and kind to the environment and we are working hard to live up to these big ambitions.

@patanj , shame all the Parsi i have ever met have been exceptionally intelligent

@Pantanj image is set in stone to who, you, because Chloe from Cheshire unfortunately doesn't care. You can believe what you want but most of what you type is utter utter bull****e.

@pantaj @maxba
Your right to be cynical but any Company that does this knowingly pay's massive consequences. As a Company that supplies the High Street from one of the countries you mention i can tell you that, quite rightly, we are audited within an inch of our life. Not just once by 6 times a year, we are also paid unannounced visits, all our suppliers are also audited from cartons to zips, i can't however vouch for the truck drivers who transport the goods, or the working conditions of the people on boats that transport the containers, so how far do you want to go on this?? If there are any serious non compliances found then we are struck off and fined massive amounts £20k upwards, for any small non compliances we are also fined and given a time line to sort, to give you an idea when we increased the workers we also had to increase the number of toilets, i go in some offices in London and there's a couple of loo's for over 50 workers !! no one bats an eyelid, never the less the small things matter and if you get the little things correct then the bigger things will also be addressed. These factories are not owned by these Companies contracts are given on the basis of compliance and trust that the factory is not going to job it out to another party as they have taken on too much, this does happen but its far less than it used to be because as i've said the factory will be struck off and fined. To repeat again, despite what you say Companies do not do this knowingly despite but with the best will in the World you cannot watch dog every factory every minute.

@patanj , your absolutely clueless.

Is it getting hot in here or is it just me, anyway Asos has agreed to sign the Anti Slavery Charter, they sighted how given recent events it's more important than ever, this was a shot across BH's rear. BH need to up there game in compliance, i have no doubt they will in time but they need to get a move on, they will be fully aware of this article.
https://www.antislavery.org/asos-anti-slavery-charter/

Just when you thought it couldn't get any worse FlipFlop (Share Expert) starts posting.

On line trade in this sector is currently good, depending on what product is being offered, of course formalwear, smart and partywear is challenging but should pick up, albeit no where near to the heights of AW19, as such the trade will be putting money into what was learned from Spring 20, from what i can see at present it's business as usual but then again when it comes to BH trade oddly seems secondary.

And these 4 firms are above question !!!

Its f****** laughable

You dont have to dig deep to find a whole ton of **** on the big four.

https://www.theguardian.com/news/2018/may/29/the-financial-scandal-no-one-is-talking-about-big-four-accountancy-firms

Oh the irony

https://amp-ft-com.cdn.ampproject.org/v/s/amp.ft.com/content/78f46a4e-0a5c-11ea-bb52-34c8d9dc6d84?amp_js_v=a6&_gsa=1&usqp=mq331AQFKAGwASA%3D#aoh=16031391653476&referrer=https%3A%2F%2Fwww.google.com&_tf=From%20%251%24s&share=https%3A%2F%2Fwww.ft.com%2Fcontent%2F78f46a4e-0a5c-11ea-bb52-34c8d9dc6d84

Having worked with JL in the past i can tell you he's a very straight forward and extremely honourable guy, he has a massive amount of experience and knowledge, he is very well respected within the Industry and i'd even go as far to say that he is a less posh version of Sir Stuart Rose !! I can tell you he does not lack integrity, do not under estimate this CEO, as long as he is at the helm then this Boat has a hell of a long journey.

ave a huge amount of integrity i really do not think that if there was anything fundamentally flawed in this company that they would still be there, both have a massive amount of respect within the industry

https://www.fool.co.uk/investing/2020/10/19/the-boohoo-share-price-tumbles-again-what-im-doing-now/

Take with a pinch of salt if you want but this really sums up what most of the market journo's are saying.

#Bloomberg for those who are cr***ing themselves
It seems unclear to us which came first, the launch of a competitive tender process by BOO or the indication by PwC of its intention to resign,” analysts at Jefferies said in a note. “Regardless, we see no suggestion of any financial impropriety and would be inclined to view this as short-term noise.”
An independent review published last month found that Boohoo ignored warnings about significant labor violations at U.K. garment suppliers. However, it cleared the company of direct involvement in any abuses.

@Rcdm, bang on def one of the more sensible posts on here this morning, anyone of a nervous disposition don't trade this at all and any nervous investors already in take a break from these pages and comeback in the New Year when it will have recovered, come Easter this share will have broken it's all time high, at current price its a beauty L/T and even longer term it's an absolute steal.