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@JakBailes
My research is very thorough - what can I say... sharing is caring

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https://www.boohooplc.com/sites/boohoo-corp/files/final-report-open-version-24.9.2020.pdf
Chapter 9 Conclusions 219
*** Other conclusions ***
26. There are important issues about the way in which buyers approach the issue of placing
orders with suppliers. These include:
i. too much emphasis on autonomy for buyers as to with whom they place orders
and the prices they negotiate. It appears to be something of a free-for-all;
ii. autonomy for buyers in the context of company ethos that is all about speed,
agility, growth and profit is bound to send a message that achieving the lowest
price possible is what the company seeks from them
iii. buyers are insufficiently knowledgeable about garment technology. They have no
real idea how to cost a garment or how to make alterations in the design which
would help to reduce the cost price;
iv. They are not are not incentivised to ensure that the price is not so low that it cannot
be achieved in an ethical way. There are no key performance indicators which
measure sustainability issues, far less a system which rewards good ethical
behaviours and penalises poor ones.
27. I am satisfied that Boohoo did not deliberately allow poor conditions and low pay to exist
within its supply chain, nor did it intentionally profit from them. I do not accept that
Boohoo’s business model is founded on exploiting workers in Leicester.
28. There is clear evidence that many of the processes which Boohoo has now put in place
had been planned a year ago and are not simply a reaction to the negative publicity in July
2020. Their culpability lies not in doing nothing but that they did too little too late.
29. That being said I am confident that the adaptations which Boohoo should make involve a
relatively easily achieved realignment of its priorities and governance systems and that the
Board should not feel discouraged. It has already made a significant start on putting things
right.
30. I am encouraged by the evidence I have seen that Boohoo’s recently-appointed Head of
Compliance has made contact with some of the statutory authorities with a view to,
amongst other things, establishing a single point of contact for reporting allegations made
by whistle-blowers or revealed by their own audit and inspection checks.
[C] To consider the boohoo Group’s compliance with the relevant law
31. There is no evidence that Boohoo has committed any criminal offences.
[D] To make recommendations for the future in response to my findings.
32. These appear in Chapter 10.

forgot to add prices of products will fall, so more sales, which means more production and more people needed for that. So although we think that machines take jobs, the mass production leads to cheaper products and more production, because people can afford products they previously couldn't. This the counteracting affect automation has on jobs

The Robot Revolution: Automation Comes into Fashion | Moving Upstream
https://www.youtube.com/watch?v=OsSDI8wWAyQ

Cutting out the middle man means less costs for the business. Using automated machinery means more rapid production of garments. We don't know what the specs of the machinery are but with the model Boohoo has, it needs to be flexible and support fast fashion model, meaning change from making one design to another on demand, as well as faster and controlled output based on increasing demand (provided by automation), and more control over operations and logistics. With production under the governance of Boohoo fair pay is a certainty, new opportunities in engineering and a boost to job creation and economy. Also, transforming Boohoos way of doing things, by that I mean becoming tech-centred rather than depending on people to sow their clothes (although there will still be plenty of that about), there will be more engineers, machine operators, more warehouse packers and stackers, drivers, managers and other staff. Britain needs companies like Boohoo to pave the way, otherwise all the jobs will go to third world countries and government will miss out on taxes and then social system will suffer and people wont have jobs. Also, the conditions in the less developed countries in garment factories are questionable. Many companies in those countries ,by comparison to UK minimum wage, pay far less, workers have fewer rights and can be exploited easily. Boohoo's model will change and has changed so as to take advantage of new technologies (e.g. state of the art warehouse in Manchester). I'm saying this because I am an Electrical Electronic Engineer and have been studying a Computing Degree, in which I have studied a Business Intelligence module, in which I worked on a system that was used to provide business performance information. One example of Business Intelligence - is it allows you to monitor what the most bought product is, this means that Boohoo can change their quantity of production of the product based on sales more rapidly. They can also look for other patterns that can help the business succeed and give it the edge. Technology can allow for mass production at rates/levels that cannot be attained using human labour.

In particular and most importantly:
[C] To consider the boohoo Group’s compliance with the relevant law
31. There is no evidence that Boohoo has committed any criminal offences.

https://www.boohooplc.com/sites/boohoo-corp/files/final-report-open-version-24.9.2020.pdf
Chapter 9 Conclusions 219
*** Other conclusions ***
26. There are important issues about the way in which buyers approach the issue of placing
orders with suppliers. These include:
i. too much emphasis on autonomy for buyers as to with whom they place orders
and the prices they negotiate. It appears to be something of a free-for-all;
ii. autonomy for buyers in the context of company ethos that is all about speed,
agility, growth and profit is bound to send a message that achieving the lowest
price possible is what the company seeks from them
iii. buyers are insufficiently knowledgeable about garment technology. They have no
real idea how to cost a garment or how to make alterations in the design which
would help to reduce the cost price;
iv. They are not are not incentivised to ensure that the price is not so low that it cannot
be achieved in an ethical way. There are no key performance indicators which
measure sustainability issues, far less a system which rewards good ethical
behaviours and penalises poor ones.
27. I am satisfied that Boohoo did not deliberately allow poor conditions and low pay to exist
within its supply chain, nor did it intentionally profit from them. I do not accept that
Boohoo’s business model is founded on exploiting workers in Leicester.
28. There is clear evidence that many of the processes which Boohoo has now put in place
had been planned a year ago and are not simply a reaction to the negative publicity in July
2020. Their culpability lies not in doing nothing but that they did too little too late.
29. That being said I am confident that the adaptations which Boohoo should make involve a
relatively easily achieved realignment of its priorities and governance systems and that the
Board should not feel discouraged. It has already made a significant start on putting things
right.
30. I am encouraged by the evidence I have seen that Boohoo’s recently-appointed Head of
Compliance has made contact with some of the statutory authorities with a view to,
amongst other things, establishing a single point of contact for reporting allegations made
by whistle-blowers or revealed by their own audit and inspection checks.
[C] To consider the boohoo Group’s compliance with the relevant law
31. There is no evidence that Boohoo has committed any criminal offences.
[D] To make recommendations for the future in response to my findings.
32. These appear in Chapter 10.

ASOS CEO Nick Beighton is concerned about Christmas despite ASOS profits increasing by 329% to £142 million in the year to August 31, with group revenue up 19% to £3.26 billion. His customers have seen their lives change significantly - less glam swimwear, unicorn inflatables and holidays. Hardly any weddings, cancelled holidays and virtual graduation ceremonies. Yet a lot more sales of pyjamas and leisurewear - especially tops - for all the Zoom calls.
Boohoo reported that for the six months to August 31 sales increased 45% to £817 million, while gross profits surged 47% to £449 million.

The business has experienced a wave of negative publicity about working conditions at Boohoo’s Leicester suppliers. Experts were unsure how sales for the group might be impacted, as Gen Z have heightened awareness of the ethical and environmental practices of businesses they engage with.

Boohoo is now setting up its own factory in the U.K. to open next year. Additionally it is set to launch a textiles community trust to provide support and advice to garment workers in Leicester.
https://www.forbes.com/sites/katehardcastle/2020/10/15/asos-v-boohoothe-rise-fall-and-rise-of-fast-fashion/#70c454fa6e47

Not everyone is on here everyday. Some just visit irregularly. If you look through all the post - you will find repeating news. Not all I posted is old news. EY is still in the running. Get over it.

Kamani acquired 300,000 shares at a price of 243.07p each, an investment of £729,000, meaning he now owns a 12.6% stake in the business.

Catherine Catto, wife of CFO Neil Catto, acquired 5,825 shares at 257.48p each, taking Catto’s stake in the business to 0.75%.

Meanwhile Brian Small, deputy chairman and non-executive director, bought 10,000 shares at 250.20p giving him a 0.005% stake.

The purchases were made after Boohoo shares slumped from 315p at close of business on Friday to 254p on Monday following news that PwC, the company’s auditor since 2014, had stood down.

PwC’s resignation followed the publication of an independent report into Boohoo’s supply chain by Alison Levitt QC.

Boohoo commissioned Levitt to conduct the report following allegations in The Sunday Times that staff at factories where its clothes were seen had been paid as little as £3.50 an hour.

Levitt concluded that while Boohoo had been aware of the potential mistreatment of staff in its supply chain, it had not deliberately sought to profit from it but nor had it chosen to do anything to rectify the situation.

In her report she said: “In truth Boohoo has not felt any real sense of responsibility for the factory workers in Leicester and the reason is a very human one: it is because they are largely invisible to them.”

It also emerged this week that a number of major accountancy firms had ruled themselves out of the process to appoint a new auditor at Boohoo including Deloitte, KPMG, BDO and Grant Thornton. EY still in the running.
https://www.theindustry.fashion/boohoo-directors-capitalise-on-falling-share-price-to-snap-up-shares/
https://www.theindustry.fashion/leading-auditors-rule-themselves-out-from-acting-for-boohoo/

The Telegraph has now reported that Deloitte, KPMG, BDO and Grant Thornton have all ruled themselves out to replace PwC with EY the only one of the top six auditors in the running and it is not clear whether it is interested in taking on the account. KPMG is prevented from acting as Boohoo’s auditor for a year due to a conflict of interest, having carried out recent consulting work for the company.
https://www.theindustry.fashion/leading-auditors-rule-themselves-out-from-acting-for-boohoo/

Changing an auditor is like changing supplier. Just get a new one, plenty of them arounnd.
"Deloitte, KPMG, BDO and Grant Thornton have ruled themselves out of the race to replace PwC, while EY is still in the running, media reports said."
source: https://www.easterneye.biz/auditor-crisis-wipes-out-775m-from-boohoos-market-value/

https://www.fibre2fashion.com/news/retail-industry/boohoo-s-h1-fy21-revenue-jumps-45-to-817-mn-270499-newsdetails.htm?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+fibre2fashion+%28Daily+Textile+and+Fashion+Industry+News+-+Fibre2fashion%29

https://www.drapersonline.com/news/boohoo-chiefs-snap-up-shares

https://www.retail-week.com/fashion/boohoo-directors-snap-up-shares-on-the-cheap-as-value-plummets/7036026.article?authent=1

Deloitte, KPMG, BDO and Grant Thornton have ruled themselves out of the race to replace PwC, while EY is still in the running, media reports said.

Source: https://www.easterneye.biz/auditor-crisis-wipes-out-775m-from-boohoos-market-value/

Unless I'm mistaken, Boohoo has never been implicated in any maltreatment of staff etc. For a few of the thousanads suppliers, its a different story. Not to forget Quiz and Boohoo used the same supplier and nothing was said about Quiz. Those suppliers are separate independent entity and shouldn't be confused with Boohoo. I wouldn't be surprised if some of the other suppliers supply to other companies too, but I doubt you will hear much about those companies they supply too.

Why is the price going down?
Answer: The fake news is worded for maximum impact, they keep saying suppliers are getting investigated by Boohoo, - not Boohoo. Keep saying that suppliers being involved in money laundering and being investigated by NCA. Never say how many suppliers, may be only one or two or three, out of the thousands of textile companies in Leicester. Sounds really serious for the suppliers (not Boohoo) but because they type it so that Boohoo is in front of the suppliers , that spooks people. But its basically old news reworded. We've known about the few dodgy suppliers (which Boohoo ditched). Boohoo forecast is positive and finance is there for future growth, state of the art textile factory and the rest. Stocks are affected by bad news though. But the figures speak for themselves and the values in the figures.

“Ms Levitt is satisfied that boohoo did not deliberately allow poor conditions and low pay to exist within its supply chain, it did not intentionally profit from them and its business model is not founded on exploiting workers in Leicester.”
source: https://www.retailsector.co.uk/315568-pwc-to-step-down-as-boohoo-auditor/