Member Info for Zebudee

The problem is the suppliers who where found guilty of breaking the law, supply not only to Boohoo but other customers e.g. Quiz, however the press want to turn it into a storm in a tea cup for Boohoo to turn heads and sell papers etc.

“HMRC enforces these rules equally for all sectors and industries in the UK and we will continue to target employers who flout the rules, ensuring workers receive the wages they are legally entitled to,” it added.
https://www.ft.com/content/0d18d5c5-496f-4869-9ac2-7ff7663b3629

Quiz suspends supplier over living wage allegations
https://news.sky.com/story/quiz-suspends-supplier-over-living-wage-allegations-12027378

“Leicester has around 1,500 textile factories and 10,00 textile workers, the second highest concentration in the UK behind Manchester. Many of these businesses are run perfectly ethically and make a huge contribution to our city economy. We are determined to do all we can to ensure that every factory in Leicester complies with the law and treats its workers with respect.”
https://www.policeprofessional.com/news/nca-investigates-modern-slavery-allegations-in-leicester/

It confirmed no enforcement was used during the visits and they were carried out “to engage with the business owners and discuss concerns raised”. However, one person was detained during the visits in relation to immigration matters.
https://www.policeprofessional.com/news/nca-investigates-modern-slavery-allegations-in-leicester/

Quote: "At this stage of investigations, authorities say they have found no evidence of modern slavery offences."
https://www.manchestereveningnews.co.uk/news/greater-manchester-news/inspections-find-no-modern-slavery-18566936

They have already ceased using 2 suppliers that were not operating within the law. Also in the sky video - the manager said all the authorities had investigated and no problems there. He also said he was paying everyone minimum wage. Whilst its true exploitation exists, it was also stated that the exploitation is not just in textile sector, its in other sectors too. There is no need to pay people such low wages and once those companies are found out, they will have to be held accountable. But what is happening here is a generalization of suppliers and all suppliers are being tarnished with the same broom, even though there are suppliers that are operating within the law. I think the press is creating a ****-storm when we don't know the full story. Last week there was an article in the press that stated a number of suppliers
https://www.manchestereveningnews.co.uk/news/greater-manchester-news/inspections-find-no-modern-slavery-18566936

The Guardian reported that Standard Life Aberdeen sold off 27 million shares in Boohoo this week – more than half of its original stake in the retailer
https://www.retailgazette.co.uk/blog/2020/07/influential-shareholder-offloads-80m-worth-of-shares-in-boohoo/

The visits were from the Gangmasters and Labour Abuse Authority (GLAA), Leicestershire Police, Leicester City Council, National Crime Agency, Health and Safety Executive, Leicestershire Fire and Rescue and Immigration Enforcement.
https://www.manchestereveningnews.co.uk/news/greater-manchester-news/inspections-find-no-modern-slavery-18566936

https://www.manchestereveningnews.co.uk/news/greater-manchester-news/inspections-find-no-modern-slavery-18566936

If people weren't confident in Boohoo then why are there such massive buys.

https://www.ft.com/content/6839e4f6-2afc-4061-a57a-5081dbb7d323

IMO - there are always some bad subcontractors and some good ones. Malpractice is unacceptable and if they find malpractice Boohoo will go to a different sub-contractor, or even go abroad.

https://www.ft.com/content/6839e4f6-2afc-4061-a57a-5081dbb7d323

https://www.fool.co.uk/investing/2020/07/11/boohoo-share-price-heres-what-im-doing-after-it-plunged-hint-its-not-what-you-think/

If sales start to fall, the Boohoo share price may decline in the short term. But in my view, over the long run, the business should be able to navigate this crisis. The online clothing market is booming, and Boohoo is one of the world’s leading online fashion brands. This gives the company a definite competitive advantage.
https://www.fool.co.uk/investing/2020/07/11/the-boohoo-share-price-slump-heres-what-id-do-now/

https://investing.thisismoney.co.uk/news/article/id/6997474/

https://investing.thisismoney.co.uk/news/article/id/6996843/

Boohoo shares soar 20% as City backs under fire fast fashion seller
https://www.standard.co.uk/business/boohoo-share-prices-increase-a4493181.html

Nice video to watch: https://www.youtube.com/watch?v=VjBS_isNm5o

"A Boohoo spokesman confirmed that Morefray was the Boohoo supplier at the centre of the allegations but said that Mahmud Kamani had no involvement in the business"

https://www.theguardian.com/business/2020/jul/10/boohoo-co-founder-jalal-kamani-linked-to-leicester-garment-factory